Float level adjustment
Remove the 4 screws from the top of the carb and remove the center (throttle barrel)
Adjust float level so fuel level is just even with the opening of the center hole.
The hole on the side is a drain. It must be open to atmosphere. If you have the float level adjusted correctly it wont drip much. Do NOT plug it!
Fuel level is adjusted by moving the adjustment on the float needle valve. Note the 2 pictures here show the adjustment at max both ways. Some carbs have a long hex like a turnbuckle. Below are 2 pictures of the float needle valve at both ends of its travel.
Make sure you have a good float.
If you need a float (and most of these carbs do)
You can get them from Otto Gas Engine Works
Make sure you have the carb assembled correctly. The pics below show how the throttle barrel should be orientated.
The first picture is the side that MUST face the engine. Note the carb body will work either way. This part WILL NOT. Also all carbs do not have the small hole and little tube. The engine side hole is round and has the small notch on one side.
The second picture is the air inlet side. Note that this is not a circle but really a large oval.
Experiment a little if you dont get good results the first time. On an engine that is only run at shows and not in a boat the float level is usually best if it is on the low side. These are really good carbs when adjusted correctly.