Well, I'm not sure about Widgeons, but I'm guessing that's mahogany under the paint. Although I learned everything from my Grandfather, and I do most boat things thinking of him, kinda in tribute, we did have a major disagreement. He always liked red stained mahogany, whereas I like natural mahogany - under sufficient marine varnish, of course. So, I don't believe in stain on boats.
But for varnish, I do believe in 8-10 coats of marine varnish, such as Interlux Schooner, Pettit Flagship, Epifanes Clear Varnish, or Le Tonkinois Number One.
While it has held up well, the Pettit burned me once - the color was different between 2 different quarts, and I can see the difference between those two pieces on the boat. Epifanes was ok going on, but I haven't seen how it holds up outside. Most of the items varnished with Epifanes went with the boat when I sold it. But so far, I find the easiest varnish to apply is Le Tonkinois, because it's oil and resin, no solvents. It's so much easier to maintain a wet edge. With the Pettit, I was constantly having to thin it. However, I'm not sure how well Le Tonks will hold up. I left my tiller out with no cover this past season, and I could see the damage in the top layer. Then again, for proper varnish, you need to sand and add a coat or two every season. Varnish is like an onion with very thin layers, which wear down. So, you keep it up every season so it lasts as long as possible.
Some folks put down 2 coats of epoxy, then varnish. The epoxy will seal the wood and prevent wood movement due to changing moisture levels. Others don't like that, because the epoxy darkens the wood a bit. And the epoxy makes the surface more brittle with respect to impacts. But the varnish does stick well to it, and last longer.
There are other coatings out there, like 2 part polyurethane varnishes such as Interlux Perfection, but it's very hard stuff, not as easy to repair, and I think I'd trust it more on new wood, as opposed to older wood. There is also Coelan, which is a very expensive 2 part coating that is supposed to have something like 600% elongation characteristics, so it moves with wood through moisture cycles. I have never used it on wood, which is what it was developed for, but I have friends who have used it for nylon fabric kayak skins.
There is also Cetol, which is like a translucent paint, with very thin layers. It doesn't fill the grain at all, unlike sufficient coats of varnish. It's supposed to be very difficult to get off when it finally fails, but a coat per year should last several years before getting dark and needing stripping. Cetol Marine Natural Teak is definitely very orange, not appropriate for mahogany, IMO. I think I saw pics from someone once which indicate Marine Light would be a better color for mahogany. The Clear is definitely clear, and doesn't have any of the amber color of varnish. And, as far as I'm concerned, wood needs the amber color of varnish.
There are also many kinds of teak oil, including simple Watco, Deks Olje, and Semco. This stuff is easy to apply, just wipe on with a rag, but needs constant maintenance reapplications. I've heard good things about Semco. I use Watco on a wood kayak paddle, usually 4 coats, but then need to apply more several times a season.