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That is the parking brake light. The one at the bottom of the gauge is for the alternator.
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No, that is incorrect
I'm guessing the OP is asking about the illuminated large red light..
Which is the Alternator warning light,
The bottom light in that gauge is the handbrake.
Apologies, my printer/scanner recently went kaput and I haven't replaced it, so pics
From a '71T manual which came with the S gauge package..