The dip switch is the thing next to the horn button - it may need to be repaired, an instrument fitter did mine. You can also use a change over relay in the control circuit to to prevent the blackout that sometimes occurs with worn ones.
The governor is a rounded big chunk of metal with a "V" pulley on the front and a couple of levers on the side. It is used when doing PTO work and keeps the revs constant while the load comes on and off the implement (sort of like a cruise control). The galvanised control quadrant is connected to it by a long rod and a second rod goes back to the accelerator linkage. It mounts on the three funny bolts at the front of the thermostat housing. The presence of those bolts on a '54-'55 indicates that there was a governor.
If you have it, I am interested in buying, however on eBay it would go for hundreds of dollars.
Diana

