I have a 340U. I believe what you're looking at is the control/safety relief valve (on my pic it's the valve on the far left) and the component in the top that is leaking is the power steering priority control. You can release the mechanism via a snap ring. The top disc below the snap ring has an O ring groove and O ring that apparently is leaking. There's one on the bottom of the valve as well. You might wish to disasemble the entire valve while you're at it, as there is a screen and orifice in there that often get clogged. Clean it up and replace all of the O rings would be my recommendation if it's never been done before.
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