Looks like the points are gone,looks like maybe the key was left on and fried the points. Use a voltmeter or my favorit is a simple test light to check for power at the coil and the distubbitor. The carburetor turns liquid gas into vapers,that is one of the reasons the updraft carbs worked. Also a kind of a safety to keep gas from running into the the cylinders if the needle valve fails.(it can still happen because the tank is higher the the cylinders). After you have spark then shoot some starting fluid in the intake of the cab. If it runs then start looking toward the fuel system.
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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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