I know this is an old one but I think I might suspect what is at play here…
I recently came round to installing a new belt on a slightly different machine to neil's, the old one broke because of me basically, I scuffed it while it was off and it tore. But I noticed this arrow on the smooth side of the new P120 grit, Clarke belt…

Normally i'm quite sad and I do try to keep hold of all the manuals of the machines I get because you never know when it might be useful. It talks about in here that you need to keep the direction of the arrow inside the belt aligned with the direction of the arrow on the machine (if it's got one, but I guess you can watch and see which way round the blank drum turns without the belt).

It might not be the answer and we are talking about a different sized belt on a slightly different machine, and my machine has the direction labelled on it. But it does seem to describe the symptoms of a belt that would wear only on the lap joint from brand new.
You can change the direction of the belt by just turning round to face the opposite direction, not flip it over.
Michael W
Edited By Michael-w on 01/01/2017 15:20:31