Hi Den
In 1950 it would probably have been negative earth, but you can wire it either way neither the dynamo nor the cut out unit are polarity sensitive.
Check which battery lead is connected to earth, assuming the negative is, disconnect both the F & D wires from the dynamo then using a length of wire connect the battery positive to the F terminal on the dynamo for a second or two (if positive earth connect the negative battery), this is known as flashing and the wire will spark when touched on, doing this will re magnetize the field coil core, next connect a volt meter between earth and both F & D on the dynamo linked together, start the bike and you should get an output from the dynamo dont over rev the bike as the voltage will rise rapidly if you do, keep it under around 12 volts, this will show whether the dynamo is working if it is reconnect the F & D leads and start the bike again to see if all is now OK if not then you have a wiring or cut out fault.