If the facilities and rights to be afforded by Merseytravel in respect of any alternative apparatus under paragraph 17 and the terms and conditions subject to which the same are to be granted are, in the opinion of the arbitrator, more or less favourable on the whole to the specified undertaker than the facilities, rights, terms and conditions applying to the apparatus to be removed, the arbitrator shall make such provision for the payment of compensation to or by Merseytravel by or to the specified undertaker in respect thereof as shall appear to him to be reasonable having regard to all the circumstances of the case.