Re: Water stream 1964 Merc 650
Let's see......'64 Hmmmmmm. Is the engine white? Does the prop have a pointed hub to the rear of it with a bunch of little tabs around the front of it? If so, just above the prop is a horizontal plate called an anti-ventilation plate. At the rear of the plate and under it is the exhaust outlet where cooling water and exhaust are discharged. That would be the answer to your question.
Also may be a string of holes in the mid section at the rear or a couple of "ports" at the rear and just below where the mid section bolts onto the powerhead (where the cowl is) and some exhaust and some water/mist CAN come out there also.
HTH,
Mark