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Mercury 500 50hp serial no 2519197 stalling under load?

I have an older Mercury 500 50 hp 2 stroke which has been standing for some time. It was tested in a tank and ran fine. Taken out today and starts idles fine the revs come up on the hand throttle.
When in gear idles fine drives the boat but when you move the gear control to increase speed the engine dies. Help
Dax, November 2010
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