It could be bakelite, but I don't remember hearing that this was used. The bellows is expensive to repair - it usually has to be replace with a new hand built custom made one.

There are other ways that a leaky bellows for leaks to occur - seals around the bellows can be fixed easily, etc, but I am not likely to see it, so, if your friend KNOWS what they are talking about, it's a great pity, though, cause old instruments MAY be great tonal treasure finds....

No offense intended to your friend!

"I'd like to look at it" - I wasn't just referring to your instrument.

Robin