Hello to all! I just aquired this 1962 700 merc! I dont know an awfull lot about,could only find a manuel for 2 years later,I finally got it running after it had been sitting for 5 yrs,I noticed no water coming back out of the motor! but water was oily,didnt seem to get hot,is this motor suppose to have a pee hole? any info would be great thanks! 
