There's 610mA at the output pin of the 78S12 so I'm not sure how it's falling to 157mA when measured at the +12V bridging wire just above C24.
Could it be the valves? Or the valve sockets?
Looking at the schematic, the 12V supply circuit is very simple, The only other components I can see after the output pin of the 78S12 are C19, C24 and the light.
I've ruled out the light so far.
Just a thought, is it correct to assume that the heater current should be the same through all four valves? In other words does it drop lower after each valve? I know squat about valves, but if the heater is acting as the cathode and emitting electrons, would that then explain the current loss?? 157 is curiously approx. 600 / 4 and where I measured the heater current, it had yet to pass through 1 valve. Am I just babbling nonsense? Please advise, this is fascinating stuff!
Thanks again