Connecting the shield only at one end is correct (assuming the end where it's connected is a good ground). If it were grounded at both ends, there would be a ground loop.
It looks to me like there's a white wire connected to the same lug of the pot as the shield. The other end of that wire connects to the board at the end of a 100 ohm resistor along with some other things not visible in the picture. That should be ground (look at the schematic). How does that ultimately get grounded?
Measure the resistance* from that pot lug to other grounds in the amp. In particular, measure resistance from there to the ground point of the PT high voltage secondary center tap ground, and to the input jack ground.
Also, find the ground for the last preamp stage (V3A, the ground for the 1500 ohm cathode resistor). Where does that get grounded?
The point of all this inspection and measurement is to find a way that noise could be introduced at the ground reference for the master volume pot, relative to the signal ground somewhere in the power amp.
* I'm relatively new here, and don't know people's skill levels well - I'm assuming that you know how to make sure the amp is safe to work on. Probably a good assumption, since you've opened it up!