xib,
You need to have a look at the regulator with the engine running and see what is happening. It is much easier on the bench with a spare dynamo.
Before you start, make sure that all of your connections are good and that you have continuity. Make sure that the "E" terminal has a good earth to the frame and the dynamo body must also have a good earth.
Run the engine and measure the voltage at "D". If OK, measure at "A". It should be the same. If not, check if the cut out is closing.
As you have clean regulator contacts, you should have voltage at "D". If not, try wedging the regulator armature open. You should then get an unregulated voltage at "D".
Measure the resistance between "D" & "E" before you start. Should be around 25 - 30 ohms, from memory. If it is higher, around 45 ohms, I would suspect an open circuited shunt winding on one of the bobbins.
Wilko,
The MCR1 regulators have similar measurements to the others.
They do have a resistor, it is a resistance wire wound around the regulator bobbin, making 3 windings in all against the others 2.
Trev.