The differences are minor and largely peripheral: provision of cartridge docking cradles; storage for the American large-hole 45rpm adapter (apart from the actual arm used); cueing illumination, but in all cases the fundamental turntable design: motor and motor supply, bearing, platter, speed change mechanism, slip clutch and chassis are unchanged.
The modification of the 930 to a four-speed model: the 940, occurred late in the production run. By then EMT had replaced the ‘155’ equalisation-amplifier with the simplified ‘153’ design, which provided only a single equalisation curve (RIAA) and so dispensed with the two control knobs. At the same time the headphone output was removed, presumably because headphones were no longer used for cueing, or the majority of headphones available were not 600 Ohm impedance (and certainly did not use two 4mm connectors spaced on a 19mm pitch). The holes where these would have been were blanked off, and the plate bearing the markings for the equalisation-amplifier controls removed. One other difference was, as you correctly mention, the removal of the record cueing illumination, as well as the spigot for the 45rpm adapter.
The ‘153’ equipped turntables retained the ‘930st’ designation, whilst the ‘940’ had a reworked EMT ‘arrowhead’ logo with a red background placed where the control knobs used to be.
It is not known how many 940s were made (Pasini simply states: “very rare!”), certainly less than the 800 ‘927’s and only a tiny fraction of the 6,600 ‘930’s. For comparison it is estimated that only about 50 ‘R80/R80S’s were built, so that does make the latter rare. It is not clear if that number includes the first record player: the R35 turntable with R36 arm and R37 head. Now those would be rare.
http://www.stefanopasini.it/images/EMT%20R35.jpg
[Image: Stefano Pasini]
Do you know what the dial on the arm bearing is for - VTF?

