If it has a "-" on it, it sounds like a replacement ammeter, but I'd guess the "-" is over far enough to indicate a significant discharge. Did the needle come back to center when you disconnected the battery? If so, with the battery hooked up, were either the lights or the ignition on when the ammeter showed discharge? If not, then you've got a short somewhere. It would take some patience, but you should be able to track it down without rewiring the whole machine. You might find it anywhere but the short stiff wires around the generator and regulator/cutout are always a good place to start.
Three or four-position light switch? It sounds like you have a four-positon, but I'm not sure. I know it sounds like an oddball question, but the switch position you describe is high-charge on a four position (which would NOT cause any discharge when things are in good order and turned off), but the same position (one click clockwise from full ccw) is dim lights on a three-way, which would send current to the lights, however dim they may light up. Whichever it is, try throwing the switch to the full counter-clockwise position and see if that takes care of your discharge.
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