It is kinda hard to guess, exactly , there are quite a lot of things going on in a bilge.
The water, unlike the outside of the boat, isn't replenished continuously, so it can become saturated with dissolved substances, exclusing some of the oxygen, the acidity can change, which affects the corrosion of metals....
Brass, in general, degrades much more slowly than zinc, and would make a better plate, except it wouldn't protect any of the other brass things. (which is why zinc is used)
'Black slime' describes just what I would expect from cathodic protection tho, a soft hydroxide coating on the steel...
Unless your knife is old enough to be true wrought iron....(seems highly unlikely)
The condition of the wood is interesting also, it doesn't seem all that bad for being immersed in water for a length of time....
If scottg's speculation that it was made from something else, like a chef's knife is right, it may have some quasi stainless in it, keep in mind, not all stainless steels are non magnetic....and even a small quantity of nickel will drasticly improve it's corrosion resistance...
All I know for certain is, i wouldn't want someone comeing at me in a dark alley with that thing ;P