Fran
Welcome to the "World of Fordson"
Well done on acheiving your boyhood dream of owning a tractor. And what a great tractor you chose to own.
Do you have the PTO engaged? The hydraulic arms won't lift, and the driveshaft won't turn without it engaged.
As you are sitting on the tractor, there is a lever just in front of and beside your left knee. That is the PTO engagment lever. Can't remember right now, but you have to move this lever either forward or backwards to engage the pto. You also need to depress the clutch to engage.
Also beside your left knee, on top of the gearbox is a dipstick. This is the dipstick for the rear transmission, which is the oil that drives the hydraulics.
Good luck, and we love to see photos.
Kiwi Kev