Abstract: A hydraulic system and control valve assembly therefor characterized in that it provides a two wheel pressure compensated hydraulic drive for mobile equipment in forward or rearward direction at any speed up to maximum as determined by the operation of the control valve assembly. Said control valve assembly is further characterized in that it incorporates an override for the pressure compensating means to achieve steering control by decreasing the rate of flow of fluid to either wheel motor or to achieve braking action in conjunction with a counterbalance valve in the motor return circuit by decreasing the rate of flow of fluid to both wheel motors.