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Upon further inspection it would appear that this is a purpose made hole. I stripped back a few layers of paint and after a poke around the hole widened (basically flaked off).
Had a look on the other stay and found another hole UNDER the chrome. I also dug out an old raleigh frame which coincidentally seems to have the same holes drilled. Conclusions anyone? safe? Unsafe? I've included a picture of the bike for some context.

I doubt it seeing as its a track frame

I really hope its a hole to allow water out as I've only just bought the thing a few months ago :( It seems to have been covered/clogged with paint. A fair bit of rust coloured water has come out of it just now. Could it not be plugged up through welding a chunk of metal on? (excuse my lack of knowledge on the topic). I've been riding it previously near enough every day and it seems fine structurally.

What I previously thought to be a rust spot has turned out to be a hole on the underside of my chain stay. Not sure whether I should be riding it like this or how easy it would be to repair. Opinions would be appreciated

Bad phone quality but current beater

Might have already been discussed somewhere but does anyone know if Leyton Mills Asda develop film in their photo department?

After some flat bmx pedals that will take restraps. Preferably for less than a tenner and if they're funky coloured then even better. Also based in Hoxton so the nearer the better. Cheers

I'll take the horns and road drops if you don't mind mate? Can collect :)

Leeds/London