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[limo]

The threaded hole is intended to hold a spare wheel clamp - I think it's the same setup as what was used on HK series Holdens, but it requires the spare wheel to sit dead upright, so it's not much good in an LC.

bit of side issue
this threaded hole works fine with wheel upright in 4cylinder which have 12 inch wheels. bent plate bolts on and hooks wheel back against body