That's the glow plug relay if I remember my Mitisi engine right.
First, connect the earth of the multimeter direct to the battery earth. Remove the spade terminal (most likely, small wire) from the starter. As you turn the key, the multimeter should show around 12v as the key switch contacts the start position. You may need long multimeter leads, and a crocodile clip on the ends. Or a mate to help.
Another way round (mind your fingers) is to run a wire straight from the battery positive, and touch this to the spade terminal on the motor. The motor should turn. Basically the little signal wire you are testing activates a relay built in to the starter which alllows the fat cable direct form the battery to feed power and turn the motor. Most likely yours is broken somewhere.
If this is the problem, you need to find the break/dodgy contact. On my forklift I just ran a complete new wire, it was quicker.