The fenders are one of the largest points of atention on the Roadster. In most cases, Fenders and chainguards are in bad shape. Dented and scratched, Its some times important to take drastic measures and bring out the "Big Guns" In this case, the motor oil.
First start by washing the parts, Removing the dirt inside and out.
Now, with a high grade motor oil, or in this case, Raleigh All-Purpose Oil, apply a good amount to a some 0000 steel wool and a soft cotton rag.
Work the rough rusted and pitted marks with the steel wool and finish with the cloth and oil. Work the oil into the paint and polish for as long as you can stand.
I usually don't like oiling the paint but in this case, it was what was needed. (I have read that is all some folks do to restore a Roadster and recommend it!)
After the oil has worked its way into the paint and steel parts, it can be later polished with the hard wax.