That device is a 40 AMP circuit breaker style disconnect, I think it also runs the bilge pump circuit, I forget exactly, but tear it out and throw it away, put a positive and negative buss back there get a blues seas 6 or 8 circuit fuse block and mount it up fwd out of the corrosion prone area, mine is under my center console, all your doing is moving your circuit protection from the stern up fwd.
The big 40 amp circuit breaker is the main power feed for your helm panel. The other three fuses are for fwd bilge pump float, aft bilge pump float, and stereo memory. The bilge and memory circuits are constant power feed. The power feed for the 40 amp breaker is switched on and off by your battery switch. At least that is how it should be. I'm sure Bob has a wiring diagram.Here is what mine looks like now: