Very nicely recorded by Gordon McIntyre and Kate Delaney on their CD, Caledonia Dreaming. They call it The Diggins. It being a folk song and all, their version's a bit different. They use as a chorus what's given above as the last 4 lines of the 1st stanza: There's Indiamen steamers and frigates galore/Clippers sailing from Scotland's shore/Cobblers and billy boys every day/We're bound for Australia to dig the clay.

I imagine "figates" is someone's typo.