Not sure about the "Belt"
I trimmed and blew up the pic and brightened it. There is a "Z" Axis crank, a "Y" crank, and the lever with the red handle appears to be for running the table side to side in the "X" axis. a couple of centers for holding a work piece.
I'm thinking this is for grinding something round into something square, hexagonal or Octagonal?

Whatever the something is its not long! maybe pistol barrels> or something that needs precision flats on it?
It also Looks like there is a locking lever for the vertical movement on the side that faces us...