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 - An Old-Time Tractor Demonstration - by Kim Pratt. Sam was born in rural Kansas in 1926. His dad was a hard-working farmer and the children worked hard everyday to help ends meet. In the rural area he grew up in, the highlight of the week was Saturday when many people took a break from their work to go to town. It was on one such Saturday in the early 1940's when Sam was 16 years old that he ended up in Dennison, Kansas to watch a demonstration of a new tractor being put on by a local dealer. It was an Allis-Chalmers tractor dealership,
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