I have had some feedback from the Olney History Hub (on Facebook) following my question to them regarding the rusty old water pump. I have given their comments as follows just in case it is of help or interest.

Colin Jamieson
Stephen Collett has given the correct answer it was a pump for emptying the cesspit that collected the waste water and slurry from the cattle sheds and milking parlour.
Very state of the art in it’s day, in fact it probably ought to have a preservation order on it , I don’t know of another one anywhere, but I’m sure someone will tell me different.
The pit is still there under a concrete slab at the base of the pump.

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Stephen Collett
I know 🙂 its a victorian slurry pump. The dirty water from the buildings was collected from the buildings in a sump. Their would be a tank pulled by a horse which carried the dirty water/slurry to the field. I look forward to a reply