An asymptotic analysis is made of the magnetic induction equation for certain flows characterized by a large magnetic Reynolds number R. A novel feature is the hybrid approach given to the problem. Advantage is taken of a combination of Eulerian and Lagrange coordinates. Under certain conditions the problem can be reduced to solving a pair of coupled partial differential equations dependent on only two space coordinates (cf. Braginskii 1964 a). Two main cases are considered. First the case is examined, in which the production of azimuthal magnetic field from the meridional magnetic field by a shear in the aximuthal flow is negligible. It is shown that a term J (analogous to electric current) is related linearly to the vector B which determines the magnetic field. (Note that B is not the magnetic field vector: see (1.33) and (2.35 b).) The current J is likely to sustain dynamo action. Secondly, the case is considered, in which shearing of meridional magnetic field is the principal mechanism for creating the azimuthal magnetic field and the effect described above is one mechanism for creating meridional magnetic field from the azimuthal magnetic field. It is shown that the term J is not only linearly related to B, but has an additional contribution P $\times $ ($\nabla \times $ B), where P is characterized by the flow (see (4.15)). Both these effects have been predicted previously in theories of dynamo action produced by turbulent motions. Under certain restrictive conditions the resulting equations in the second case reduce to Braginskii's (1964 a, b) formulation for nearly symmetric dynamos. The words azimuthal and meridional are not used here in the usual sense. The difference in terminology is a consequence of a coordinate transformation.