This thread

http://www.mudcat.org/thread.cfm?threadid=63876#1040999

nails down the origin of "Hullabaloo Belay." Briefly, stanza one and the tune are legit; the rest of the story was made up in 1925 by the arranger, S. Taylor Harris, because the singer could not recall any more of the lyrics, if theer were any.

No earlier version of the shanty is known.