Brian, they all have that adjustment in one form or another under the bed. Ordinarily, they almost never need adjusting once properly set.
So, I spent a little time at the "metrology bench" yesterday measuring and remeasuring the bed and carriage using various methods to verify each other so we can be sure of our results using somewhat makeshift equipment.
Long story short is that the bed when i first checked it had a slight bow upwards in the middle area of about .002" on both front and rear ways. But then from the point about 5" from the tailstock end, the upper bed ways both drop .005". That is one thou per inch, or 12 thou per foot. (0.3mm per 300mm). Normal spec for a lathe bed is in the realm of .0005 per foot. Note the extra zero. So it was out of tolerance by a factor of 10. Also, the rear way was reading about 4 thou higher than the front at the headstock end when checked for level.
Note the past tense. All is not lost. I spent a little while cleaning up the ways with burr file — a well worn single cut file – laid flat along the ways. Then finished with a small slip stone. Result, the numbers came a lot better except for that 5 thou droop on the tailstock end. Brian wont be using this end of the bed for his small model work so I think we can work around it.
The original finish on the ways was as someone noted earlier, a bit like a linished finish, full of ridges and valley and all edges good and well burred. Smoothing it all down without removing significant metal or changing base dimensions has done the machine the world of good.
A few pics of the mucking about in progress:
Lathe set up level on shims then checked at both ends of the ways. Using my old Rabone precision level, a loupe and a piece of masking tape for marking the precise bubble position. Four thou feeler gauge was required at the end to get a level reading. But of course, later testing revealed most of the problem was that last 5 inches a the end of the bed.

Stood the lathe on a sheet of thick plate glass on a 40mm MDF counter top and measured with dial gauge on a scribing block the distance from the "surface table" to the top bed ways. By checking the the lathe in various locations on the plate glass, was able to determine it was flat enough for our purposes. You can see in the below pics that the front way drops off a couple of thou at the headstock end. I found this can easily be remedied by the way the bed is clamped down. Unfotunately the lathe uses one central mounting bolt each end, so the final set up on Brian's bench will have to be down with shims under the edges of the pad to pull the twist out and get it turning truly parallel. More of that later.

You can see above the five thou drop off on the right hand end of the ways. I just hope the other end is not the same, where the headstock is mounted. That could be a bit of a PITA.
I double checked these readings with the DTI on a small magnetic base attached to the carriage and the needle bearing on the glass. The actual travel of the carriage was a little bit smoother than the raw way readings, but still that huge drop off at the RH end. Lost the pics of that in the system somewhere though.
So the next step will be a little bit of stoning and scraping on the carriage ways to get them smoother and better matched to the bed ways. Then once we get the carriage riding as well as we can, will finish off getting the lower bed way surfaces dead parallel to the top ones. About two thou to go there.
Once that is done, we will be able to refit that lower gib plate and get the carriage sliding from end to end smoothly and without binding or slack. The right hand "end" will be that point 5" in where the drop off starts. I visited my mate today with the new 7×14 mini lathe and those lower ways are machined quite smooth and the gib plates set up so there is minimal drag and zero up and down or rotational movement at all. On bigger lathes, the spec for those lower ways is to be within .00075" over a 48" length — so zero-zero in real world terms.
Once all that is done, we can then fit up the cross slide and top slide and then maybe run some test bars to see how it does.