Hello Brian , a lot of owners will buy single weight ' Vintage ' oils and think they are doing the right thing by their machine . I liken it to using paint from 50 years ago instead of modern formula . There is another disadvantage too in that these oils are very expensive as well .
Modern multigrade petrol engine oil is fine for both engine and transmission , using the same oil in both was a feature designed to make on the farm maintenance easier and cheaper, the same oil is used in the front hubs and the air filter bowl .
15W40 engine oil for a decent engine with reasonable oil pressure , slightly heavier 20W50 for one with a bit of wear in it .
The back end takes about 25 litres so it is often cheaper , easier and just as effective to buy two 20 litre drums of Universal Farm Oil and use the extra for top ups and the next two oil changes for the engine which takes 6.5 litres from memory . One precaution , don't use oil made for diesel engines , the extra strong detergent in these oils is supposed to etch into bronze bushes and components in the gear box and hydraulic pump .
 
I thought that I would offer a slightly different opinion for you to consider. The oil system in the rear half of the Fergie does not have an oil filter. If you use modern detergent oils, the dirt is kept in suspension and when it is recirculated you are causing wear.

The original oil specked was 90 wt gear oil (80 in winter) non detergent, which is similar in thickness to SAE 50 wt engine oil. I have always used 90 wt non detergent gear oil in mine because the choices for non detergent oils here are pretty slim. I have used it to blow snow for 35 years even at -20 Celsius without issue. I just have to be patient for the oil to heat up.

My 2nd tractor had 10W30 synthetic oil in the rear when I first bought it. I went back to 90 wt gear because it leaked like a sieve. But that is another story.

Another thought, if you buy an old machine where you do not know the history, and suspect it has been decades since it's last overhaul, I would argue it would be better to use non detergent engine oil as well. Non detergent oils let the dirt settle and collect. If you start using detergent oils, you will put some of that dirt back in suspension and potentially speed up wear and oil leaks. Here, non detergent multi grade oils are not available. So, I used SAE 30 non detergent for over 3 decades in one of my tractors.
 
(quoted from post at 15:25:59 11/07/18) I thought that I would offer a slightly different opinion for you to consider. The oil system in the rear half of the Fergie does not have an oil filter. If you use modern detergent oils, the dirt is kept in suspension and when it is recirculated you are causing wear.

The original oil specked was 90 wt gear oil (80 in winter) non detergent, which is similar in thickness to SAE 50 wt engine oil. I have always used 90 wt non detergent gear oil in mine because the choices for non detergent oils here are pretty slim. I have used it to blow snow for 35 years even at -20 Celsius without issue. I just have to be patient for the oil to heat up. yes I see sludge in the rear end witch would like to remove but cant figure how the pan drops to clean it?

My 2nd tractor had 10W30 synthetic oil in the rear when I first bought it. I went back to 90 wt gear because it leaked like a sieve. But that is another story.

Another thought, if you buy an old machine where you do not know the history, and suspect it has been decades since it's last overhaul, I would argue it would be better to use non detergent engine oil as well. Non detergent oils let the dirt settle and collect. If you start using detergent oils, you will put some of that dirt back in suspension and potentially speed up wear and oil leaks. Here, non detergent multi grade oils are not available. So, I used SAE 30 non detergent for over 3 decades in one of my tractors.
 

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