As a follow-on to what 55deere70 said, check the position of the "metering screw". It's on the upper left side of the powr-trol. It has a long hex nut as a cap. Remove the cap and then loosen the jam nut under the cap. Using a flat screwdriver, turn the screw "in" until it bottoms out. Then turn the screw "out" 2 full turns. Tighten the lock nut and replace the long cap nut. If the previous owner used a remote cylinder instead of a 3pt you might find the metering screw is turned all the way in or close to it.
If this doesn't fix the problem, check the fluid level in the powr-trol. It takes straight 30 weight engine oil.
If the problem is still not fixed the leather cup or the packing ring on the rockshaft piston is probably shot and allowing pressurized oil to leak around the piston back to the oil reservoir. It's not a hard job to replace the cup or packing ring. If you have to do this start a new post and we can help you.
If you don't have a parts manual, go to jdparts.com and find the place where you can do a "manual" search. Type in PC330. Be patient, it takes a long time to download. When it does download scroll down to page 102 and look at key #s 9,17,& 18. These are the two different type "seals" that go on the rockshaft piston.
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