John,
Referring to your name plate;
2.2 kW = 3 HP, so far so good.
The 1 probably refers to single phase.
At 240V and a pessimistic power factor of 0.85 the full load current will be 2200/(240*0.85)=10.8 A (At 480V this drops to 5.4A)
Therefore the 17.5 and 8.75 make no sense to me.
The B comes from the insulation temperature rating of 130 degC.
If the motor is running then I wouldn't try to "improve" anything. However, I can't tell whether this kind of motor uses the capacitor just for starting or continuously. The latter needs a more expensive item and may have been inadvertently down graded. A clamp on ammeter should tell you whether the capacitor is handling current all the time or, more crudely, a finger on the capacitor can should reveal whether it's getting too hot. Did I mention using an RCCB?
I wonder if the 17.5/8.75 and 160/200 refers to the starting capacitor specifications? 17.5 uF at 160V for 240 V operations and 8.75 uF and 200V for 480V operations. Nah, those values look way too small.
Good luck and be careful, Colin