Not intentionally contradicting HP, especially as he emphasised 'all wired correctly', but continuing the discussion...
Domestic GPO phones of 70s/80s and earlier vintage usually had an internal ring capacitor, rather than assume one was present elsewhere. I am not sure therefor if extension phones, in the days of GPO monopolies, might have omitted a ring capacitor and depended on the ring capacitor in the main phone?
I also recall the most common problem with (illegal) DIY extensions in these days wasn't phones that failed to ring, it was phones that 'ding-a-linged' in time whenever another extension dialled a number. The whole purpose of the ring wire was of course to prevent that, by clamping the ring capacitor to ground whenever the dial moved away from 'neutral '. But many DIY extensions failed to include the ring wire, hence ding-a-ling when somebody else was dialling.