Originally Posted by
dddd
+1
Definitely remove one side locknut and cone and pull out the axle.
Inspect the rolling surfaces on both cones, and clean and inspect the balls, making sure each side has a full row of bearings (too many wouldn't even start to fit). Grease it up and use the necessary thin wrench to adjust and hold the cone and another wrench to tighten the locknut against the cone, thus securing the adjustment.
Send us pictures if you can, for good evaluation and full description of needed parts.
Many Raleigh 3 speeds don't have locknuts--the cone has a spigot that holds it into the fork. One cone tightens all the way down onto a shoulder on the axle, and the other cone has wrench flats and can be adjusted. The adjustable cone has to be on the left side of the bike.