Yes, this is the oil port for the bottom bracket. These came in several versions on Raleighs. This is the tiny ball bearing held by a spring clip type.. you shove in the Sturmey-Archer oiler and squeeze in a tablespoon or so of oil. I love the simplicity of these machines. The no. 1 maintenance tip for British bikes of the era is lots and lots of oil. Everything was machine to tolerances that assumed bearings packed with old-fashioned grease once a season and then regular and copious amounts of oil to gin it up. Modern synthetic greases ended the need for this by the mid 1950s but oil ports seemed to hang around for a long time afterwards.
Clubmans are lovely machines. I have three, one of each major year and type. But alas don't ride them much as their "one size fits all" frame (22") just doesn't fit me that well. I am used now to larger frames. And perish the thought, might well sell off these treasures. As long as the new owners don't try and fit new Japanese components to them!
Peter Kohler Washington DC USA
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