We study the deformed Harry Dym and Hunter-Zheng equations with two arbitrary
deformation parameters. These reduce to various other known models in
appropriate limits. We show that both these systems are bi-Hamiltonian with the
same Hamiltonian structures. They are integrable and belong to the same
hierarchy corresponding to positive and negative flows. We present the Lax pair
description for both the systems and construct the conserved charges of
negative order from the Lax operator. For the deformed Harry Dym equation, we
construct the non-standard Lax representation for two special classes of values
of the deformation parameters. In general, we argue that a non-standard
description will involve a pseudo-differential operator of infinite order.Comment: Latex file, 15 page