This invention consists of the addition of a novel clutch arrangement which facilitates speed changing gears on both the output and input of the transmission and provides for a compact packaging configuration for a plurality of hydraulic pump/motors. The use of a small accumulator without a valve and a related reservoir absorbs the pressure shocks from rapidly opening and closing the valves that that select or de-select the pump/motors. It is also disclosed that two adjacent pump/motors on the same shaft can be constructed such that they share an input or output port thereby reducing the size of the combination. The transmission can perform the retarder function by placing a flow retarding valve in the re-circulating path in one or more of the pump/motors.