And if it didn't drop at the battery terminal because it was a very weak battery, here's how to use a diagram to figure out where it is dropping.
Lets take the situation of ignition off, headlights on, and feed at the ignition switch was 2 Volts less than at battery positive.
What does this tell us for certain, and what can we reasonably assume about current flow and where there is resistance?
Start with the other connections with red boxes next to them.
Also notice the ammeter, which on a '62 probably reads 40 damps both ways. What's this one telling us?