Assuming that this system has the original external voltage regulator?
That blue wire on the square plug feeds 12 volts to the light from the alternator end when charging for the purpose of shutting the light off (voltage applied to both ends of the bulb filament = 0 current flow and no light).
If that terminal is grounded inside the alternator (as in a diode blown allowing a back trickle to ground), the light will stay on even tho the alternator chages just fine.
I'd sure check the diodes in the diode trio; betcha one of 'em is leaking.
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Today's Featured Article - Tractor Profile: Farmall M - by Staff. H so that mountable implements were interchaneable. The Farmall M was most popular with large-acreage row-crop farmers. It was powered by either a high-compression gas engine or a distillate version with lower compression. Options included the Lift-All hydraulic system, a belt pulley, PTO, rubber tires, starter, lights and a swinging drawbar. It could be ordered in the high-crop, wide-front or tricycle configurations. The high-crop version was called a Model MV.
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