Please help water leak

[Lcp-angler]

Can anyone please tell me what the hole is that is circled in blue in my pic it seems to spit water in when running but not when sitting it is located right next to the coolant pickup line on the transom plate on the inside of the transom it is a alpha one outdrive and a 305 v8

 

[bondo]

Ayuh,.... I believe that's the bellows vent,....

Pull the drive, 'n see why it's leakin',....

 

[kimcrwbr1]

http://www.ebay.com/itm/OEM-MerCrui...ash=item2ef3832c6c:g:iAgAAOSwgZ1Xv0uC&vxp=mtr
Looks like there is a brass barbed fitting that goes there and have no clue what its for.

 

[Bt Doctur]

Per Bondo, bellows vent , what is marked as A is the speedo fitting