That hole has, or at least is supposed to, A felt filtering material in it. The hole is meant to be there to allow condensation to escape rather than just pooling in the bottom of the carb. A little dripping is normal and can never be eliminated, but if gasoline is dripping from that hole on a steady basis, there is a problem with the needle and seat and/or the float. The float MAY be leaking, or it may just be improperly adjusted to the incorrect float height.
Consult your manual for the correct settings and do not guess at it.
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Today's Featured Article - Tractor Profile: Farmall M - by Staff. H so that mountable implements were interchaneable. The Farmall M was most popular with large-acreage row-crop farmers. It was powered by either a high-compression gas engine or a distillate version with lower compression. Options included the Lift-All hydraulic system, a belt pulley, PTO, rubber tires, starter, lights and a swinging drawbar. It could be ordered in the high-crop, wide-front or tricycle configurations. The high-crop version was called a Model MV.
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