Abstract: A variable speed drive having a pair of sheaves and a belt interconnecting the sheaves in which one of the flanges on at least one of the sheaves is mounted on an axially moveable hub and is adjustable toward and away from the other flange. The hub is mounted on a shaft, and a key interconnects the shaft and hub and prevents relative rotation between the shaft and hub. The bearing surface of the hub is provided with spaced axially disposed lubrication grooves, and the shaft contains an axial passage and radial ports through which lubrication is injected into the grooves in the hub. An annular lubrication groove interconnects the axial lubrication grooves and is provided with a port for relief of excess lubricating pressure. The flange ends of the axial grooves are closed by a seal disposed in the end of the bore in the hub at the inner end thereof.