If your friends boat is like the one in this link
http://morganyachters.com/then it is a centerboard as a swing keel usually means a quite heavy board (both terms are often used interchangeably). If your boat is rigged like my 1967 Tartan 27' centerboard boat it is raised/lowered by a control line from the cockpit. Follow the line and you should find a double spooled affair that has line on one side and wire rope (cable) on the other. The wire rope side should lead down to the top of the centerboard.Since I don't know the Morgan 34' first hand I will leave it at that as I could not find any diagrams on the web.Good luck.