My parents had a book and record, published in 1970 by Jacaranda Press, by Peter O'Shaughnessy, Russell Ward and Graeme Inson, titled "The Restless Years".

Peter O'Shaughnessy, Marian Henderson and Alex Hood sing the song by Charles Thatcher, titled "Look Out Below", accompanied by band members Ron Carson, Richard Brookes and Robert Iredale.

This version is very difficult to locate in Electronic Media, but it had a sweet, folky sound somewhat like Steeleye Span or The Strawbs with an Australian edge, a little akin to Sirocco.

The lyrics are more extensive than the ones in the thread above and I reproduce them here for comparison.


LOOK OUT BELOW
Charles Thatcher.

A young man left his native shores, for trade was bad at home.
To seek his fortune in this land, he crossed the briny foam.
And when he went to Ballarat, it put him in a glow,
To hear the sound of the windlass and the cry, "Look out below!"

Wherever he turned his wandering eyes great wealth he did behold,
And peace and plenty hand in hand, by the magic power of gold.
Quoth he, "As I am young and strong, to the diggings I will go,
For I like the sound of the windlass and the cry, "Look out below!"

Amongst the rest he took his chance, and his luck at first was vile,
But he still resolved to persevere, and at length he made his pile.
So says he, "I'll take my passage and home again I'll go,
And say farewell to the windlass and the cry, 'Look out below!' "

Arrived in London once again, his gold he freely spent.
And into every gaiety and dissipation went.
But pleasure, if prolonged too much, oft causes pain, you know,
And he missed the sound of the windlass and the cry, "Look out below!"

And thus he reasoned with himself: "Oh why did I return?
For the digger's independent life I now begin to yearn.
Here, purse-proud lords the poor do oppress, but there it is not so.
Give me the sound of the windlass and the cry, 'Look out below!' "

So he started for this land once again with a charming little wife.
And he finds there's nothing comes up to a jolly digger's life.
Ask him if he'll go back again, he'll quickly answer, "No",
For he loves the sound of the windlass and the cry, "Look out below!"


This version seems to contain a moral narrative alluding to the polarized class split in England, as opposed to the more "level socio-economic playing field" in Australia, the supposed land of the "fair go". Let's hope fervently that history does not repeat and the greedy and selfish do not erode this value away!