I'm not familiar with the adjustment on the Warco Super Mini, assuming that (a) you have a toothed belt and (b) its similar to other mini lathes, then adjustment is by moving the motor. Some machgines have a push-puill arrangement fo screws under the headstock, but the super mini may be different.
The screeching is the toothed belt slipping and this will rapidly degrade both belt and any nylon pulleys.
You need to get the tension so high you can just twist the belt 90 degrees between finger and thumb.
If the motor pulley is worn, you may be able to extend its life by reversing it though spare should be available.
If the tension and pulley alignment are good then the belts should last several years of frequent hobby use.
Neil