Hi
Anthony & Peter you right and there is no probably about it. The speed control system forms a closed loop feedback system and as the motor speed falls under load the control system senses this and ups the voltage. hence current/power, to the motor in order to restore the speed.
Using just a variac and rectifier only controls the voltage, and pretty crudely at that, which means there is no feedback and the lower the speed is set the less torque the motor will develop. The result is that at low speeds the motor becomes increasingly sensitive to load and will slow with load and eventually stall.
The speed control boards are relatively sophisticated electronic units and are designed to minimise speed change with load variations. They are, or should be, tailored to the motor characteristics so that speed remains constant regardless of load up to a preset threshold at which point they should limit the power being applied to the motor.
Cheers
Martin