I purchased a cheap motor controller for the drill press as it's a pain to change the belts. There is very little explanation on what colours should go where. So far I've established that the yellow is ground and red is then neutral. The other colours then have continuity with live.

I've got some images here to show what I've got to try and figure out.

This is the controller.
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This is the controller diagram
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Click image for larger version. 

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This is the cover plate for the motor showing the wiring diagram.
Click image for larger version. 

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Any help would be most appreciated.

Rob