Hole (le).-Tenement situate at "le Hole" in the parish of St. Magnus, 1393-4 (Ct. H.W. II. 306).
"Le Fisshwharf at le Hole" in the parish of St. Magnus, 1400 and 1446 (ib. 346 and 508).
From these entries it would appear that the word "hole" is used here either like the O.E. "hol"="hollow," "cave," or in the sense of "a deep place in a pond or stream" (which is one of the definitions given in the N.E.D.), and that it was either a natural cave in the river shore, forming a shelter for boats coming in to the wharves, or a deep water suitable for the accommodation of larger vessels approaching the shore at this point. But in either case forming some kind of natural harbour for the various craft plying there.
It is interesting to note that the word "hole" is used locally in the United States to denote an indentation, an opening in the coast, a small bay, a cove.
Compare in the same neighbourhood : "Churchyard Alley Hole," "Gully Hole" (q.v.).