Borneo by Walter Donaldson, 1928 and Starship's link says the first recording was by Frankie Trumbauer's Orchestra.

I couldn't see the sheet music online, but you can find the lyrics from a different recording (vocal by Scrapper Blackwell) here: Borneo and The Muppet's version here: Borneo - Muppets.

I can't lay my hands on my copy of Reading Lyrics to see if the Walter Donaldson section has any more information, but I'll have a look when it turns up!

Mick