A 1948 would have a cutout, not a regulator, unless it was converted.
A cutout is manually controlled by the light switch. Four positions: Low charge, High charge, Dim light, Bright light.
If you replaced the cutout with a regulator, and did not rewire it correctly, I would imagine that something akin to what you're seeing might happen.
First off, is the meter reading a charge correctly, or is it showing a massive discharge?
Second off, how do you know the charge is not reaching the battery? The only way to know that is to use a voltmeter across the battery terminals. If it's charging as hard as it says it is, the battery voltage should be over 7. If it's only around 6, then it is not charging.
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