Ok thanks for the replies! Let me make sure I'm understanding this all correctly... At some point this was painted over as a way to protect the metal from corrosion? Is it common for people to remove the paint from all the metal to reveal the finish underneath or do people typically just leave it?

Peter you mention "Owen" guns... I've searched the site and found some references to other guns but not SMLEs. What is an Owen gun? Also is that black paint you mention the same stuff I see on the '60s era Ishapore 2A1 rifles?