If you turn that handle anti-clock wise a tad, you will get the up/down motion.
as your link says "3-way tripod head" which means, Left-Right, Up-Down, Angle Tilt Left-Right and what it don't say is "With a crank for continuously variable height adjustment of centre column Up-Down.
Meant to say I have one of the Older Models.
p.s. You didn't pay £59.99 for it did you,
Suggested Retail Price £22.99 click here*100475/action*2851