AR2209 is perfect for the .303*. And those Hornady 174grain RN** were intended for your rifle. Don't worry about whether its .311 or .312 on the packet. It's a well known bullet for the Lee Enfields.
48 grains of 2209 will get you where you should be - 2400 fps. And safe as houses.
* You dont have to say "British". Your in NZ. It's a .303.
** If you find you have feeding issues, its because of the round nose. (Not the magazine! Dont screw with the magazine.) The SMLE was designed for the pointy spitzers. The fix is that you shorten up on the cartridge overall length until it will feed properly.
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