The earth wire may have been chopped off, but as said, if there is one is needs testing out, as it may be chopped the other end too.
It's very likely, if the property is over 50 years old, then the cable doesn't have an earth wire. In which case I suggest you get the whole installation checked out, as you can't have metal fittings where there is no earth present.
Best get a plastic, 1 gang 1 way switch.