This paper builds on a speculation by Moffatt (1979) on an apparent conflict between two results of dynamo theory in the high conductivity limit. Firstly, the finding by Bondi and Gold (1950) on the boundedness of the magnetic dipole moment of a perfectly conducting fluid body is, for a sphere, extended to all magnetic multipole moments. Secondly, a refined version is considered of the simple spherical mean-field dynamo model proposed by Krause and Steenbeck (1967). Some constraints on the mean electromotive force near the boundary of the conducting body are taken into account, which have not been recognized up to now. In the framework of the second order correlation approximation it is shown that it is just these constraints that ensure the boundedness of the magnetic multipole moments in the high conductivity limit. Thus the apparent conflict is resolved. In this context another possible source of error in mean-field dynamo models is pointed out. The present theory also adds insight into dynamo process in cosmical objects, in a way that is briefly discussed.