Rubber bands do stretch quite a lot! They usually come in assorted sizes, you need a pack which has a variety including 1" diameter to 1.5" diameter. That would be a band between 1.5" and 2.5" long when the band is squashed flat. That should cost £1 or less.
The discrepancy in pulley sections is odd, but it is correct – I have both the Vosper Crash Tender and the Vosper triple-screw Express yacht in that series, and they both have the flat pulley on the prop-shaft. I might guess that this simply what could be obtained at that time…but it might also mean that alignment is not critical, allowing the prop-shaft to move backwards and forwards without the band coming off…
Rubber bands are square section. Use a square band – not a flat one, so that it can fit in the Mighty Midget drive pulley. Then run the boat for a bit while observing the drive to make sure that it stays on while running. With a cheap assortment pack you can chose the best size, and then buy a more expensive one at the best size if that is what you want…
Edited By Dodgy Geezer on 15/08/2017 14:34:28