It's supposed to be full of air when the system is depressurized, then fill with water from the bottom, so the air at the top is compressed and starts acting as a spring on the water below.
Larger ones have a membrane to keep water and air separate. The Comet type does not, so when the boat heels the air can sometimes escape into the outlet. Ours needs "resetting" every few weeks or months.
To reset it, I switch off the freshwater pump, depressurize the system by opening a tap until no more water runs (and leaving it open!), then slowly unscrewing the cylinder from its fitting until it's nearly empty. Air will bubble in while the water drains out through the outlet, at least on our boat, as the cylinder is above the tap. When enough air is back in there, close everything, turn the pump back on and it should work now.