*** UPDATE ***

NEVER EVER EVER Believe what someone tells you.........CHECK IT YOURSELF !!!..

Thanks to the valuable information here and on other boards about this rifle, I did the following (as it all got me thinking):

I PURCHASED A .303 FIELD .074 Head space gauge...

I checked EVERY rifle here....EVERYONE....they all checkout fine......HOWEVER......this rifle WILL FULLY close on this .074 gauge.....

So much for the last owner saying he checked the head space and it was fine....

So the search will start for a new bolt head for it to bring it to spec.....

I will measure the existing bolt head and report back as to the dimensions...then a recommendation can be made as to what size I should look for....

I hope that is a reasonable assumption !