I heard that rattle from somewhere under here....!!

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All of that work to replace the bonnet release cable.

Looks like rust to me. No doubt BMW cheaped out on galvanisation thinking "well it won't get rain on it." I remember a mate pulled apart the dash on his 316 and one tube had enough corrosion in one point to require him tearing it all out and replacing.
 
Austin A40:

"Fuses: The fuse unit is situated adjacent to the voltage regulator on the right-hand side of the engine bulkhead and contains two fuses and two spare. One fuse protects the accessories which are operative only when the ignition is switched on (e.g., stop-lights, fuel gauge, and direction indicators). The other fuse protects those accessories which can be operated independently of the ignition. If a new fuse blows, the cause of the trouble must be found."

G~
 
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