HV operating valves are manually operated pneumatic valves. An operating valve assembly incorporates a pressure compensation valve and is capable of contributing down-sizing of a hydraulic circuit. The valve assembly includes an operating valve, compensation valves and a load pressure detecting portion. A valve body of the operating valve defines a spool bore extending laterally through the valve body at a vertically intermediate portion of the valve body, a load pressure detecting port at a laterally intermediate portion of the spool bore and a respective pump port, actuator port and tank port at each side of the load pressure detecting port. The operating valve also includes a spool within the spool bore. The pressure compensation valves are arranged at left and right sides of an upper portion of the valve body and the load pressure detecting portion for supplying load pressure to the load pressure detecting port.