Double O,
The mystery continues! Sorry I wasn't totally clear... You wrote:
...pin 1 on my cable is the last thing to make contact. I can pull the plug slightly out of the bass and see pins 1 and the others (pin 2....)are making contact.
But here's the thing... The points on the plug which you have red arrows pointing to are not pins. Those points ARE meant to make an electrical connection between plug and jack, but only really to extend the shield or screen as the cable enters the instrument. There is not meant to be any voltage potential there. As you observe, the shells of the jack and plug are the last to connect.
Take a look at the attached pic below. (I know, it's a panel jack but the pin configuration is the same as on your female plug.) If the face of this jack was a clock, at um, 2:30 you will find pin-1. In our instruments THAT is meant to be the primary ground connection. Also notice on this pic that this is the only hole that you can see a little of the metal contact showing. That is how the plug is built to connect pin-1 first! Cool, huh?
Now the next problem... You said you lit up a 12v bulb between the two points you've marked. Are you SURE you weren't testing between the shell and the other side of your plug? You see, pin-2 (about 4 o'cock on the pic) is not one of the power conductors. Power is running on pin-4 and pin-5, the other side of the plug face (8 o'clock and ... 9:30). Again, the voltage here should be about +18 to ground on pin-4 and -18 ground on pin-5. Your 12 volt bulb would have lit quite brightly when attached to the shell of the plug (red arrows) and either pin-4 or pin-5. But not pin-2...
I'm still voting for a disconnected pin-1 on the plug or the bass causing any current going to ground to travel through the shells of the two connectors. Not what's supposed to happen! Take some more readings - can you take a photo of the inside of the plug? Be careful not to short out things when it's powered up!
Double J
