I got home from work this evening and noticed a drop of liquid on my rear tyre. As I watched another drop landed on it. It was coming out of the end of the swinging arm, where the chain adjuster plate fits.
You can just see a drip in the photo. It was raining this morning, but the ride home was dry.
I undid the two locknuts and prised the plate away from the arm and about an eggcup full of water came out

and then scraped a load of mud out of the end.
How did it get in there? and how can I stop it happening again?
I squirted a load of ACF50 up inside the arm to try to get the moisture out and stop any rusting.