clubby,
Look at the back of the speedo where the cable screws in. There is a square hole where the inner cable fits into, if the mechanism jams or gets stiff due to old (or lack of) lubricant then it will round off the corners while making that noise. The square hole bit is only crappy aluminium and holds the rotating magnet, if it did not give then the inner cable itself would snap.
You will have to dismantle , clean and lubricate all the rotating bits. Having done this, if the square hole is so stuffed the cable can't get a grip, you can salvage the situation by removing the inner cable and threading it through a couple of very small washers so they end up under the bit of plastic bearing that locates at the top of the speedo cable.This will put the square drive a little further in the hole, hopefully where it hasn't been stuffed.
_________________ Over 1,000,000Km, but now my retirement restoration project
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