I have the solution
This drove me crazy for 3 years. Basically, water is going to run down your mast wires, and migrate into the pvc tube. You'll have to use 5200, (not silicone), for caulking, but here's the neat trick. Take a 1 foot piece of .250 OD flexible pneumatic plastic tubing, or equivalent, and glue it into the wire bundle with the caulking, so that it is about 2-3 inches up from the bottom of the tube. Make sure once the caulking dries, the tube is clear. Blow into it, and if it is blocked from the caulking, use a coat hanger to clear the junk out. Now, drill a clearance hole into the cover plate which fits around the top of the compression post, so that when the plate is screwed back on, the plastic pipe goes through it.Next, drill a hole in the compression post on the forward side about 4-5 inches from the top, and stick the tubing in it. Drill another hole in the bottom of the compression post below floor level, to allow the water to drain to the bilge. Actually, you'll be surprised to find when you drill this hole how much water is already sitting in your compression post. This is a serious problem which should be addressed in any case. If it is salt water, it's just corrording it out.Let me know if this solution works for you. An alternative is to (ugh!), pull your mast, and thread the wires through an inverted plastic funnel, (then gunk up the funnell throat), which basically sits over the PVC wire tube.Oh, by the way, one last thing. Drill 2 1/4 inch holes at the very base of your mast a deck level, which allows water to easilly drain out.Any questions, my phone # is 416-487-0500 eve.Art Boas