Commonly called a `Smiths valve' ('coz they made it...) it's a PCV valve. On later cars here with HS4 carb it was replaced by a connection into the side of the carb.
The pinhole you can see in the cover is to allow air pressure to get to the top of the diaphragm and act against the spring and vacuum below it.
If diaphragm gets perished or holed you can still get new ones. $10 or so.
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DrMini- 1970 wasaMatic 1360, Mk1S crank, 86.6HP (ATW) =~125 @ crank, 45 Dellorto (38 chokes), RE282 sprint cam, 1.5 rockers, 11.0:1 C/R.
