My USA spec Jan '73 has no overflow, either, and the radiator cap 'drain' hose is identical to Ggodard's arrangement.
Everything mentioned above, plus:
Another thing to check would be fan orientation (metal fan, bolted directly to water pump, blades should curve towards the engine)
Radiator fins plugged with mud, missing, or thinned out from corrosion? (Your engine bay looks a little 'dirty'.
Timing, definitely an issue if it's retarded and/or the mechanical advance mechanism isn't working. Exhaust gas gets so hot it will burn exhaust valves.