Yep: 2.75 h.p.!
Actually at the time all (British) bikes were referred to by their "horsepower", but in fact this was a code for the cubic capacity. "2 3/4 h.p." actually meant "350cc". 3 1/2 h.p. was 500cc, 6 h.p. was 750cc, and 8 h.p. was 1000cc. Different engines put out different amounts of power, but this was rarely discussed.
Leon