Mmmmmmm, not necessarily, Colin. Remember the Morse Taper drill bits? They were held in purely by friction of the taper & I suppose the upwards pressure from the work piece & they were, in my experience, driven faster than you ever could with a brace & the largest I ever used was for drilling Compressor parts, & would have been about 3/4" diam.
I'm not sure now whether was a square-ish top end to the drill though. Too any years have passed me by for that detail.
Ah, Google tells me there was. Bugger!
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