Thank for all your answers, but it seems that nobody has an answer as to what the problem might be .
The motor has been stripped it looks almost new inside, there is NO end play, there is NO slackness in the bearings.
the motor makes the same noise with it sitting on the bench or holding it in my hand.
It is hard to describe the sound exactly.
it is nothing what so ever to do with the lathe pulleys bearings or whatever
I have taken the motor pulley off the shaft, so it's nothing to do with that.
the motor is free of anything that can rattle, and I can spin the shaft perfectly easily. I turns very smoothly.
So that is it we are left with one moving part the armature. Once again it turns smoothly, and there is NO undue slacknesss in the bearings…
the brushes are not worn. The inside of the motor Looks as if it has had hardly any use.
I wish I could do a video of it running to prove this to you all.
Rob