Late electrics

[Gavin J]

Hi, just acquired an old Drummond lathe, not too sure about the model but it has been converted to single phase. The wiring is very old and scary, lots of bare terminals.... so i need to re-wire, there is a three way switch which I assumed to be off / forward & reverse, but it doesn't appear to do anything at all. When I switch on the motor stalls ( garage lights dim also) but with a gentle hand start it spins away. Any tips on wiring, want to put a better switch on too.