Some genuine improvement in economic conditions leads to more optimism. It may be a resource discovery (including the opening up of new productive land), or a technological change, or a rise in the terms of trade, or even just greater confidence in economic policy’s capacity to solve  1  Snooks (1993). 2  Shann (1927).
3  In the 1890s more than half the note-issuing banks had suspended payment – one third never re-opened (Cornish 2010, Kent forthcoming). By comparison, only three minor banks failed in the 1930s’ Depression. 4  Shann and Copland (1931). BIS Review 107/2010  1  problems.