I'll bet Jon has it. Easier said than done, but you have to separate the hyd. system from the mechanical system. Here that means I would lift the bed with a loader, and/or bypass the truck system and go right to the hoist cylinder from a tractor, etc.
A couple years ago my then 10 year old "no lubrication required" "Olympic" hoist in my dump truck started dropping slowly. It was the main pivot of the scissors/stabilizer. It was flexing the cylinders enough to cause them to leak! Turns out it was never assembled correctly, and the plastic "seal" washers weren't keeping the crud out. They can put all the plastic parts in there they want, but as long as they're next to steel, with no lubrication, the salt can get in and cause things to corrode and swell.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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