10%

"There are indications that the world wide depression in business ... is sub siding and that the upturn is beginning." So last week wrote President James Augustine Farrell of United States Steel Corp. to members of the National Foreign Trade Council of which he is chairman. He added that the Council estimates that the dollar volume of total world trade (measured by exports) dropped from $33,500,000,000 in 1929 to $27,000,000,000 last year. Amount of this drop measured in volume and not dollars: 10%.*

*Mr. Farrell beamed last week when his company received a 125,000-ton steel order for Manhattan's soon-to-be-started Radio City (TIME, March 16). ". . . The largest order for structural steel ever placed," he cried, "it means employment for 8,000 to 10,000 men."

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