Abstract: A rotary internal combustion engine comprising a housing, a rotor-receiving chamber in the housing, a rotor which is mounted for rotation in the rotor-receiving chamber, at least five discrete combustion chambers which are separated by lobe portions of the rotor, and a valving arrangement for each lobe portion of the rotor, each valving arrangement being mounted in the housing and including an exhaust valve, a power/exhaust slide, a by-pass valve, an induction/compression slide, and an inlet valve, the power/exhaust slide being positioned between the exhaust valve and the by-pass valve, the by-pass valve being positioned between the power/exhaust slide and the induction/compression slide, and the induction/compression slide being positioned between the by-pass valve and the inlet valve, the by-pass valve allowing compressed gas to pass from the combustion chamber adjacent one side of a lobe portion to the combustion chamber adjacent the other side of the lobe portion whereby in use of the engine the compresse