WITH the exception of Brazilian Bonds, which have been distinctly dull on unsatisfactory cables with regard to financial conditions in the country, the stock markets during the past week have been cheerful in tone with distinct buoyancy in places. The outstanding features have been the further substantial recovery in British Final -mid kiridied stoCks and a further pronounced rally in English Rails. As regards the first of these sections, the advance can be attributed to the satisfactory movement in the American Exchange and the fact that since the Bank Rate was raised that Institution has gained something like £3,000,000 in gold. For the rise in English railways, the renewal of the Wages Agreement for another six months is mainly responsible, the point being good in itself so far as railways are concerned and also good as indicating the satisfactory relations between the management and the employees. The inference is that after next May wages may be restored to their normal level, but it is hoped that before then the effect of the late Government's De-Rating Scheme should begin to have a good effect on industry and consequently upon Home Railway traffics.