Bullen gives only the first stanza ("Poor old Reuben Ranzo!," etc.) and hasn't anything further to say. Nor does he include "Ranzo Ray/Way."

Davis & Tozer give the following, which is slavishly copied by Basil Lubbock in 1902 - in an account of his actual voyage around Cape Horn in 1899! Since Lubbock's text is word-for-word identical to Davis's, there's no doubt that he used the book.

My feeling is that the nature of Davis's version - not flowery, for one thing - makes his Ranzo very likely to have been based substantially on an informant's authentic lyrics:

Hurrah! for Reuben Ranzo.
Ranzo, boys, Ranzo.
Hurrah! for Reuben Ranzo.
Ranzo, boys, Ranzo.

Ranzo was no sailor….
Ranzo was a tailor….

Ranzo joined the “Beauty,...”
And did not know his duty….

His skipper was a dandy…
And was too fond of brandy….

He called Ranzo a lubber….
And made him eat whale blubber….

The “Beauty” was a whaler,...
Ranzo was no sailor….

They cared not for his groaning,...
And set him holy-stoning….

They gave him “lashes twenty,...”
Nineteen more than plenty….

Reuben Ranzo fainted,...
His back with oil was painted….

They gave him cake and whisky,...
Which made him rather frisky….

They made him the best sailor…
Sailing on that whaler….

They put him Navigating…
And gave him extra rating….

Ranzo now is skipper…
Of a China clipper….

Ranzo was a tailor,...
Now he is a sailor….