Marine propeller with speed sensitive venting

A marine propeller is provided with a valve that progressively blocks exhaust flow into aerating relation with the blades of the propeller as the propeller rotational speed increases. A piston within a housing moves radially outwardly, in response to centrifugal forces, as the propeller increases in rotational speed. This movement progressively blocks an aperture that allows the flow of exhaust gas into the region of the propellers. In certain embodiments, a secondary flow path is allowed even when the piston has moved to its extreme outward radial position.