Seahorse HD 25 won't start

[jsharp]

Have a 1946-1950 Johnson Seahorse HD 25. Have no idea when it was last started or ran (maybe more than ten years). Engine looks clean and in good condition. Have checked ignition components. All appear to be working well. Cleaned points. Plugs arc well. Disassembled carburetor and cleaned thoroughly. All ports, passages and tubes appear to be clear. Any suggestions on what else could be the problem? Have attempted to start the motor out of the water. Does anyone know if this motor has to be started in the water? Is there a shutoff switch or valve that only turns on when the motor is in the water? Any reason why the fuel would not be making it from the crank to the pistion chamber?

Have attached a photo of the engine lower side. View of low speed fuel inlet. On the upper left of the fuel inlet are two cast screw holes. Is something missing? Can anyone tell me what if anything belongs in the holes?

 

[racerone]

The one hole ( bigger of the 2 ) is an air inlet for low speed operation.

 

[jsharp]

Yes...got that. Just not sure what the other two screw in holes (one hidden by bracket) are for. Feel like something is missing. Thanks.