The business end. The spindle head. It has 2 spindles and the head sits on a riser that can be lowered and raised via a handwheel. It can also rotate through 360 degrees. This model does not have a tilting head
At the time of manufacture these ran matched bearing sets and they were pricey. I think these days it is possible to find replacements off the shelf that exceed the specifications for the bearings. The spindle seems OK and not noisy, so no plans to pull this down.