Vic, probably the same as many others. One of those knobs is fwd/rev of the lead screw. The other gives three ratios through the basic “gearbox” so for ant gear train you can get 3 different feed rates or three different pitches. Usual set up is 1:1, 2:1 and 1:2. One downfall of the lathe that is mainly featured is there does not seem to be a tumbler reverse.
This can be a problem with some of these sale listings. The pictures are not of the machine you think you are getting and the specs are not always the same. Take the 3000rpm in one image and 2250 in the description. As for the image of it “drilling” I’ll leave that up to the members to decide. Also the “granular handwheels” may mean it is one of the earlier mentioned machines with sand in it.
Lets all try and keep the thread to lathes.