I think modern soluble oils don't taste nice to bacteria, but I know the problem with the older "suds" type that makes a while fluid.
A lathe at one place I worked was not used very often – the company made special electronic equipment to order – and the suds in that used to acquire a brown gelatinous bacterial "skin".
As others indicate, the answer is either a different emulsion or neat cutting-oil.
Anyway, I completed the WCTP for the Harrison lathe today – the finishing touch being two spanner-flats on the lower location bush so it is also the tool-stud's securing nut.
(I suspect the stud might be a bit of studding to replace the original, as it is threaded for its full height and apparently screwed into the top-slide then peened on the underside.)
Taking Robjon's advice I coated all parts in petroleum jelly on assembly, and it all went together most satisfactorily!
Celebration cuppa, then I discovered the next problem. The fixed steady won't fix! Goodness knows what lathe it's for, as it's un-named, but Harrison L5 it isn't!