That breather box is designed to have the cover with the letters facing the rear of the car. You have it facing up. The cover should have a seal between it and the box, just inside of the edge. It probably looks like a rectangular O-ring but is most likely formed in place of either a cast rubber or oil-resistant silicone caulk (like Permatex RTV for oily environments).
The drain for the oil that condenses inside of the box is currently facing you (towards the rear of the car) but it is located about 1/2" UP on that surface. That means, as Mike mentions, that the level of liquid oil in the box must rise up to the bottom of that drain hose before it can drain back into the case.
For that matter, where does that drain hose go? If the other end is attached to a nipple or something to allow it to drain into the case, then that's OK. If, instead, it is attached to a carburetor as a vapor return to be burnt off, well.....Not quite so good especially with the box situated as it is. The box will forever have about 1/2" of oil in the bottom of it, because it can't drain out unless the box is rotated 90 degrees to put the drain on the bottom. Accelerate quickly and the liquid oil inside of the box will flow rearward, build up to get into that rear hose and flow to wherever that hose goes. If it's going to a carburetor and not draining back into the case, not good at all.
The way that box works is to intake oil-laden vapor from the valve covers (by the looks of where the hoses go), slow down the passage of the vapor inside of the box so that it condenses into droplets which then find their way to the bottom of the box and out the drain, back into the case.
Tell us where all of the hoses go, and we'll go from there.