Andy;
My Emco Compact-8 has a belt like that, a 5M690, if I remember. I just got the gates ones, two of them, and they were about what you quoted. The last one I purchased was in the early 1990s, so if you think of it, that's "chump change". It replaced the one that was on the lathe when I got it; replaced about a decade ago.
Yes, it seems funny that such a little thing could cost so much. But, compare it to the couple of brand new end mills I plowed into material on my CNC mill, and the belts pale in comparison! (smile)
Mine were ordered from a local store here in Canada; took 24 hours to come in, and I had to drive down (10 mins) and pick them up. Better than shipping charges.
Another JohnS
Edited By John Alexander Stewart on 22/08/2012 02:43:36