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@yoav
The hole in the picture is usually drilled prior to brazing a closed tube, e.g. top tube, fork leg or seat stay in order to let the expanding hot gases escape, otherwise the joint will burst open, and even spray molten brass everywhere. A good frame builder will seal up the hole with a spot of silver solder after the frame has cooled down but I have seen many cheap frames where this was not done, and it can lead to water ingress and rust.