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On The Spot Precision Engineering.
I examine the magnet closely and find that it's tip was fractured off and thus it's field strength could never reach the reed switch to activate it and enable the sleeve feed cycle. The magnet consisted of a small piece of rectangular ferrite material with a hole in one end so it could be attached to the holder block that was designed to mount on the machines main rotating shaft with a clamp like action. Judging by all the rust in the slots of the screw, which holds down the magnet my guess is that this has been this way for years. My hypothesis is: that when the magnet broke it occured at the machine's previous location. The mechanics at that place were probably under pressure to return the machine to service as fast as possible. In a primitive trouble shooting session they found out if relay R5 is pushed in by hand the sleeve material will feed. So a jumper was installed to bypass the relay and the relay removed from the socket to be used as a repair part some where else. Thereafter, the mechanics tried to time everything as best as they could mechanically to make the machine run. They never bothered to investigate any further to find out what relay R5 does or what it affects.
I call up the machine builder and order a replacement magnet for overnight delivery. I give them the machine's serial number and viola! They send me the wrong style magnet.