I had a nagging suspicion about these parts!

Which seems to have been justified!
These are the hose connectors for the raw water cooling system on the gearbox ~ both of them! Allegedly, everyone should know about this, and regularly check, however, you could use iron/steel/plastic, in fact anything but copper-alloyed material, and never have to bother, according to the manufacturer.
So how do you know?..........................Smack it then try to keep your feet dry.
For anyone else with an old boat, it's a TMP/Nicor gearbox on a Perkins 4108... no sleep tonight eh?