Yep. If it doesn't weep a little oil, it's dry. Could be worse, a Royal Oilfield, say.
Sounds like your loop of No 5 twine came off, Worty (as recommended in service sheet) although PTFE tape has to be a better bet these days. Pulled mine apart (yep, traces of fossilised twine at bottom of leg thread), awesome 'patina' on o/s stanchion. Got straightened pegs, shift, levers, mudguard flap and no plate back from the blacksmith. He enjoys working with old metal, reckons it has a 'memory' that new metal just doesn't have.