From THIS PAGE:
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THE WRECK OF THE NANCY LEE

I'll tell you the tale of the Nancy Lee
The ship that got shipwrecked at sea
The bravest man was Captain Brown
'Cause he played his ukulele as the ship went down.

All the crew was in despair
Some rushed here and some rushed there
But the Captain sat in the Captain's chair.
And he played his ukulele as the ship went down.

The Captain said to Seaman Jones
"You'd best put on your working clothes
While you stand and spray your hose
I can play me ukulele as the ship goes down."

The owners signalled to the crew,
Saying: "Do the best that you can do.
We're only insured for half a crown
We'll be out of pocket if the ship goes down."

The Captain's wife was on board ship
And he was very glad of it
But she could swim and she might not drown
So we tied her to the anchor as the ship went down.

The crow's nest fell and killed the crow
The starboard watch was two hours slow
But the Captain sang fello-de-oh-doh
And he played his ukulele as the ship went down.

"He Played His Ukulele As The Ship Went Down" seems to be the original title, and is much longer. We can listen to He Played His Ukulele As The Ship Went Down (parts 1, 2) [mp3] (recording date: 30/01/32; Decca F-2798; vocal: Leslie Sarony) (from
Jack Hylton Music Downloads).

~Masato