Your 340 has an open center system. You will want an open center hydraulic valve.
Open center means that the fluid circulates under low pressure when all the spool valves are in the center position. This is how early hydraulic systems worked. If flow is blocked and can't go anywhere such as through a motor or into a cylinder, the relief valve pops off and relieves the pressure. If the relief valve fails, hoses blow, pump housings split, etc..
Closed center means the hydraulic fluid stays at high pressure and does not circulate. It is a much more complicated system requiring a variable-displacement pump and an accumulator, but it provides instant response to the hydraulics. Most tractors made from the 1980's on have closed center systems.
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Today's Featured Article - The River Tractor - by Charlie English Jr.. This is a 4010 John Deere that was used to farm on the Diamond Island which is in the Ohio River about 15 miles southwest of Evansville, Indiana. About ten years ago, this tractor was parked close to the bank as the river was washing the bank of the island away.
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