The above mentions about Jim Payne's story behind the origins of Lukey's Boat are 100% true. I live approximately 25 minutes from the place in which Lukey's Boat was written and I will tell you the missing pieces of information.

The lady who wrote the song was the wife of the sealing captain Job Kean. Her name, as she was known in this area, was Aunt Virtue. There was in fact a man named Luke Gaulton and he and Aunt Virtue did not get along very well and Lukey's Boat was written one day as Aunt Virtue was looking at Luke work on his boat, more or less to critize his work. This next little piece of info plays role to the legendary unpublished verse of the song: Aunt Virtue and Job's house was also the boarding house for the doctors in the area. Now one night there was a concert at the Wesley Hall in the town of Wesleyville. And it was on this night that Aunt Virtue sang Lukey's Boat for the first time. And sure enough, Luke was in the audience. He wasn't gonna go down without a fight so he improvised the final verse which goes:

T'was Virtue Kean she wrote this song
A-ha, me b'ys
T'was Virtue Kean she wrote this song
She sleeps with the doctors all night long
A-ha, a-ha me riddle aye day

And there you have it. The 100% true story of Lukey's Boat. I work at a tourist site in the area and I tell that story to every group I take through.