You will likely find that the other end of that hose goes to the Fuel Pump, and is there to prevent any Fuel from a leaking Pump Diaphragm, spilling into the Bilge, by diverting it to the Carb.
By now the Hose is likely stiff and inflexible, and should be replaced. Again, getting the Hose from a Marine Dealer, should insure getting one that is USCG Compliant, not oversize Windshield Washer Hose