Hello all
To round off this inquiry I'll report success! I eventually took the dynamo of and apart. It turned out that one brush was of bad quality, and was worn exccessively, leaving a black glazing on the commutator. I cleaned the commutator with emery cloth and renewed both brushes, and full charge was restored. Hooray!
But one thing was odd: I am quite sure I didn't swap the brush leads round, but the dynamo was motoring the wrong way round at first. Can polarity change, or did I really manage to wire the brushes wrongly first?
Cheers, Otto