1960 40hp Super Seahorse overheating

[hookerja]

I am repairing a 1960 40hp Johnson Super Seahorse and I don't see any ports for the cooling water to spray out. Should I see water spraying out somewhere on this motor? From the exhaust maybe? Or does it exit below the water line? I just want to make sure the motor isn't overheating.

[boats.net]

Unfortunately I do not have any information prior to 1968 and am personally unfamiliar with the models.