Carpenter's version was collected from a Mr George Simpson in Dundee in 1928/29. The quality of the wax cylinder recording is extremnely poor and many words are almost impossible to decipher. Almost the only words I can be sure of are the names of the various ports. This is what I make of it, but any corrections would be msot welcome:

I'm sailing down the [Boysen of lovely Midar Quay?]
[Let down the boom of?] Yokohama [hold me gay and free?]
[Converging?] on the Broomielaw, [that we might far away?]
Around Cape Horn and home again, that is a sailor's way.
Across the Line, the Gulf Stream, been [homan?] in Table Bay
Around Cape Horn and home again, that is a sailor's way.

I've courted girls in [Boycar, played hoy along?] Chinee
I've courted girls in far Hong Kong, [she squeezed me old and free?][I've hobled the world?] Port Said, [got broken for?] Botany Bay
Around Cape Horn and home again, that is a sailor's way.