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« on: Thursday 18 July 19 15:57 BST (UK) »
Just from my own limited experience:
(1) FREEBMD don't claim to have 100% coverage for all areas. It's not a time thing, more that they haven't had the resources to capture everything yet.
(2) In the 1860's parents weren't legally obliged to register births, so the only registrations were ones the Registrar found out about.
(3) Births weren't always registered with the surname the person concerned used in later life, especially where the parents weren't married to each other at the time. The surname could change when the mother later married or if the child was given up for informal adoption into a different family.
I've managed to find a few baptisms on FREEREG or Familysearch where I couldn't find a birth registration.
Hope this helps,
John.