Gary
By "natural cork", do you mean black cork (heated and pressed, using natural resins of the cork to create the bond) or actual natural chunks of bark off the tree? I saw some life vests like what you got (but likely in better condition) in the restored Lifesaving Service boat at Whitefish Point a couple years ago. Got any pictures?
As far as gluing, whatever glue you choose, don't skimp on quantity. Any cork bond needs plenty of glue, and this cork is (likely) drier and will suck up the glue even more. I personally love Titebond 2 for wood and cork joints, I buy it by the gallon and apply with a plastic squeege, in fact just glued on a bunch of bottom boards last night in this fashion. If you are concerned with failure, other options would be epoxy or shoeglue. The epoxy will leave a harder seam to work. As far as shoeglue, I was down at Mark Rongers picking up the last of his cork billets a couple months back, he gave me 3 laminated pieces of cork which he had glued up with Barge's shoe cement. He swears by the stuff, he has made, used and abused cork decoys for years and says he wouldn't glue up cork any other way. The drawback which someone warned me of with shoeglue and after working one of the joints on these pieces Mark gave me I concure, is just the opposite of epoxy. Where the epoxy joint is kind of hard and works more diffucult than the cork, the shoe glue leaves a rubbery joint that seems fine to the initial shaping process, but is difficult to sand smooth.
Best
Chuck