Wally,
The centerboard pennant tube has a hose clamp at the top.....maybe. Some were 
simply siliconed in place without the clamp. Best bet is that the hose is 
fine, but the clamp either needs to be installed or tightened or replaced.
Now, getting at it is not easy. A dremel tool would help to cut out an access 
hole in the fiberglass. When finished simply cover it with a finished piece 
of wood or whatever trips your trigger.

Rummy