The recording is alive and well at The Internet Archive. There was something wrong with the link in my post.

Try this one: http://www.archive.org/details/RuthWallis

That should take you to a page called "Collected Works of Ruth Wallis." On that page, the song is called "DAVY'S DINGHY (double-entendre party record) (1953)." You can play it by clicking on the song title on the right.