In order to fully understand the gravity of the situation we need to know a few details about your bucket. Is your hole in your bottom or in your sides. Is your bucket constructed of wood, plastic, metal, or mucous membranes? Please fax the pertinent drawings.
I think enquiring minds need more information here..... how far up from the invert of the bucket is the centre of the hole and what is the hole diameter please ? Also is the hole a pure circle or more of a daft ellipse ? If it is an ellipse, then which on which axis does the vertical lie ? Dimensions in either mm or inches please, but please specify which are being used. TIA.