In the spring I took the boat for a spin and I thought I smelled burnng rubber from the engine compartment when I was cruising. I figured it was a belt slipping, even though there was no noise, and since I hadn't changed the belts in the 6 years I've owned the boat it was time to change them. I changed them with new ones and everything seemed fine on a couple of short rides. This morning I catch a wiff of rubber again so I stopped and looked and I see some belt dust accumulating on a cushion in line with the belts. I also notice the power steering fluid is low and the pulley for it has a slight wobble. I suspect the problem is the power steering pump but I am not sure. Would the fluid being below the cold line have damaged the pump and cause this problem? I don't have time to play with it this weekend and I was wondering if anyone had any advice.

Thanks.