Right this is what I have done, dunno if this is what or how it should have been done .

The red cap plays a part , I think it is a WD40 cap , but it has splines on the inside which help to centralised the shaft in the frame of the counter assembly part .

So , I undid all the bolts holding the counter shaft , thus the bearings as well , up .

Using the red cap centralising the shaft in the middle of the round bearing holder part of the frame to the counter assembly , then screwed in the bolts locking the top one off and the bottom one tight , did not have a lock nut on bottom . Then did the same to the one next to the big pulley wheel to the motor.

Found some holes on the bearings for oil , set them so they are pointing up so you can put oil in , but my , what I thought was thin enough oil can , does not fit in-between the pulleys and frame . It is really tight but can see a drop or two going in and that seem to be enough to get rid of the high pitch metal squeaking noise and big pulley to motor not getting as hot but still warm? , belt to motor does not seem to be too tight .

I have not taken the big pulley to the motor , off . Which I think is how you would take the belt off or put on , but how to take that wheel off is the question.

Thing I am worried about is , having turned the bearing , bolts holding rhe bearing , they are not sitting in a recess , which I think they where before , which is why I wanted to take it all apart because I do not like these unknowns