Hi Brian,
Yes, but not at the same time, if I understood your question properly.
There are actually three belts in total, but only two are used to change speed.
On the left hand side of the picture there's a big pulley directly above a smaller one (which is on the motor). The belt between them is never moved.
The fast and slow belts are never fitted at the same time.
The fast belt connects the motor directly to the spindle as shown in the top picture.
With the fast belt removed. the slow belt is mounted to drive the spindle from the top left pulley as in the second picture.
On my lathe the slow belt is smaller than the fast belt.
Harder to describe in words than I expected. Feel free to ask again if I'm not being clear. (If we were stood in front of the lathe together it would take a few seconds to demonstrate. )
Dave
Edited By SillyOldDuffer on 02/05/2017 16:36:43