Full text of New England Economic Review : February 1963

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New England lnvestinent Overseas
American manufacturers are investing record amounts in new plant ana equipment overseas. A survey of New England manufacturers who recently initiated or
expanded their overseas investments in the United Kingdom and Common Market
countries shows that these outlays are prompted by many considerations. The most
important motives are to take advantage of Western Europe's rapid industrial growth
and to locate within the Common Market. Other highly important considerations
are lower costs and the expansion of commercial connections.
The survey also shows that investment abroad is in part a substitute for exporting from the United States. In various ways, however, foreign investment provides
a stimulus to United States exports. Exports of parts and other products manufactured by the parent company in the United States may increase as a result of overseas investment. Furthermore, because of familiar home connections, American firms
investing overseas frequently purchase their machinery and other supplies from the
United States. The flow of American investment funds' has also stimulated the rate
of growth in European countries which in turn has stimulated their demand for
United States goods.
The effect of overseas investment on the United States balance of payments varies,
(Continued on page 2)

~ ~ Nonelectrical Machinery-A Leader, page 5.

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Strong Start to Ski Season, page 7.

depending upon the time period considered. On
balance overseas investments probably depress exports in the short run. In the long run, however,
dividends, interest, and royalties from profitable
investments abroad will aid our balance of payments position.
Investment overseas by United States manufacturers is estimated by the Department of Commerce to have reached a record $1.9 billion in
1962. More than half of this total, twice as much
as in 1957, was invested in Western Europe as
American firms sought increased sales in this expanding market. Sales by American owned manufacturing companies in Europe reached $ IO. 7
billion in 1961, up 70 percent from 1957. Even
with this expansion, however, nonmilitary merchandise exports to Western Europe have continued to rise. Through the third quarter of
last year they were 8 percent above the like
period in 1961, and were 50 percent higher than
in 1959.
To gain some insight into method and motives
for overseas investment and to make a comparison with domestic operations, a survey was

undertaken for the Federal Reserve Bank of
Boston. Interviews were conducted with the
management of 20 New England firms. Each
company had established or expanded its manufacturing activities in the United Kingdom or the
Common Market during 1958-59. These years
were chosen for study so that the investment
patterns and motives were recent enough to be
relevant and well remembered. At the same
time, the period was sufficiently in the past so
that some judgment could be made on the basic
wisdom of the decision.

Foreign Production and United States Exports
New England exports, reviewed in detail in
"New England Products Abroad" in the April
1962 issue of the New England Business R eview,
are an important part of the region's economy.
Goods manufactured in New England and exported in 1960 were valued at just over a billion
dollars, or 6.6 percent of the national total. At
that time machinery, both electrical and nonelectrical, and transportation equipment amounted
to over 50 percent of all New England exports.

CHARACTERISTICS OF FIRMS IN THE SURVEY

The firms in the survey represented a wide
range of New England industries investing in
overseas plants. In general, they manufactured
materials, tools, and machinery. Specifically, they
included toiletries, weighing and measuring devices, aircraft and parts, plastics, photographic
material, building materials, automotive parts,
textile machinery, scientific apparatus, and service industry machinery.
The firms varied greatly in size and structure.
Annual net sales of the parent firms ranged frorq
$1.5 million to $225 million in 1961 with a median average of about $30 million. Average fulltime employment at home in 1961 ranged from
60 to 4,000 with a median average of about 1,800.
Fifteen of the 20 participants were independent;
some of these had subsidiaries of their own. Of
the other 5, 2 were wholly owned by larger corporations, 1 was jointly owned by 2 larger firms,
and 2 were divisions of international corporations.
Seventeen companies were profitable and 3 were
incurring net losses with 2 of these in reorganization under the Bankruptcy Act.
Altogether, foreign investment by these companies probably represented a capital outflow of
at least $10 to $12 million. As the size of the
survey suggests, this amount represents only a
small part of the region's total contribution to
overseas investment.

Sales and Production Arrangements Overseas
The survey firms had interests in many different
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forms of overseas investment. Apart from sales
branch offices, 15 firms had sales agents in countries ranging up to 66 in number. Seventeen of
the 20 companies had foreign branches, joint
ventures or subsidiaries; 15 had licensing agreements in 1 to 8 countries.
This report was concerned with only one of
each firm's overseas ventures. The investment
forms studied here included:
4 licensing agreements
1 joint venture, minority ownership
2 joint ventures, 50% ownership
3 joint ventures, majority ownership
10 wholly owned subsidiaries.
Four of the 5 ventures undertaken by the five
smallest firms were licensing agreements, and the
fifth was a joint venture growing out of a previous licensing arrangement. Granting a license
is of course the least expensive method of foreign
market penetration. Besides legal and consultation fees, costs are usually limited to the salaries
of advisory technicians and the extension of credit
for the licensee's purchase of parts.
Only nine firms were willing to estimate their
international sales as a percent of total sales. For
these nine, international sales ranged from 3 to 66
percent of total sales.
Five firms estimated that profits on their international investments ranged from 7 to 50 percent of total profits.
In every case but two this was not the first international investment made by the firm.
New England BUSINESS REVIEW

MAJOR FACTORS ENCOURAGING INVESTMENT
ABROAD BY UNITED STATES MANUFACTURERS,
BY RANK

0 Europe's recent rapid economic growth.

Present or prospective trade discrimination
via tariffs, quotas, etc.

Present or prospective actions by foreign
competitors.
9 lower wage costs.
0

0 Savings on tr.ansportation (time and/or
cost).

0 Present or prospective actions by United
States competitors.

e
e

Need to adapt products to foreign market
requirements.
lower technical and professional salaries.

G Social and/ or political pressures to identify
with market served.
8

Availability of local managerial or technical skills.

Source: Survey of 20 New England manufacturers.

A most striking feature of recent United States
export gains is the importance of various types
of machinery. Dramatic gains have been scored
in such exports as paper-and-packaging machinery, almost every variety of machine tool, electronic computer, measuring and testing device,
etc. Hence, New England firms, with their production concentrated in these items, are in a
position to participate actively in the Nation's
export trade.
Fifteen of the 20 participating firms in the
survey were presently engaged in exporting from
the United States. Two of the nonexporters had
exported until recent foreign investments or
licensing arrangements had made it more profitable to serve foreign markets from production
facilities abroad. Annual export totals per firm
ranged from $200 thousand to $15 million.
Two firms reported that their United States
exports had actually increased despite their own
competitive production overseas. In addition to
manufacturing, the foreign facilities provided
effective sales suppo:r:t and adequate stocks of
replacement parts for the first time. In both
cases, the home plant was able to increase its export sales of parts and other auxiliary products
as a direct result of its foreign investment.
Investment overseas need not always conflict
with the foreign trade of domestic firms. In five
cases the foreign market could not have been
readily served from plants located in the United
States. Excessive shipment costs preclude some
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products which are relatively bulky or heavy
from entering into foreign trade. Likewise, some
products are so labor intensive that they cannot
be made profitably in the United States for export at prevailing wage levels. In two cases the
restrictions imposed in the foreign market prevented the product from being shipped from the
United States.
For example, a manufacturer of aircraft and
parts stated that his big customer is located where
"buy European" policies prevail. "We'd have
needed a certification that the product was so
complicated that it could only be produced in
the United States. We might have been able to
get this but we've been interested in a European
venture for a long time and this seemed like a
good opportunity."

Investment Operations
Investment projects of the firms surveyed were
distributed geographically as follows:
United Kingdom ______________ 5
Belgium ______________________________ 5
Netherlands _______________________ 5
Germany - --------------2
France -------------------2
Italy _____________ _ _ _ _ !
Whatever the investment motive, the relatively
advanced technological nature of most of New
England's industrial products has confined the
region's foreign investment to Europe and
Japan. Only those areas have had both the advanced market economy and the necessary labor
skills and other services to carry on such operations.
The geographic distribution of foreign investments in the New England survey is actually
quite similar to the general pattern of recent
United States investment in Europe. In the
1960's Common Market countries have ranked
first as the locale of United States manufacturing
investment and the United Kingdom third.
In making their investment decisions, the New
England firms found the industrial development
commissions of the host countries their most
helpful source. The commissions' familiarity
with local conditions offset their lack of complete objectivity. The firms also spoke highly of
the quality of services rendered by America's
international commercial banks.

Motives for Foreign Investment
Each interviewee was given a list of 14 factors
frequently cited as investment motives and asked
to list in order of importance those which had
influenced his firm's decision to undertake the
investment. The desire to be in a market with
a high growth rate was the most important fac3

tor encouraging overseas investment. A close
second was the fear of present or prospective
trade discrimination via tariffs, quotas, etc. As
the table on the previous page shows, lower wage,
salary, and transportation costs were also highly
influential motives.
Almost all the companies agreed that unit
costs were - or would be at full production at least 20 percent below their United States
costs. A few companies found the difference as
high as 50 percent.
When the respondents were asked what would
have been needed to have these export markets
served by them from New England, the most
frequent reply was that unit costs in New England would have to be cut.
One manufacturer of machine tools replied:
"We could have handled all of this business
from New England without expanding our plant,
but we would have needed at least a 35 to 40
percent reduction in wages. Our labor cost per
unit is 3.5 times as great in New England as it is
over there, although materials, parts, and power
are more costly there. The United States government should have a system of export subsidies like Germany has."
Another said: "We need at least a 50 percent
cost reduction. We really feel, though, that we
need a Common Market foothold regardless of
conditions here in New England."
New England's wage costs in manufacturing
are relatively lower than most other regions of
the United States, but they are, as the above comments show, higher than in Western Europe.•
This wage differential is narrowing as wage rates
in Europe are rising faster than those in the
United States. A gap still remains, however. At
the ·present rate of increase in Europe, wages in
the United States will continue higher for a long
time.
None of the firms surveyed mentioned taxes
or burdensome public controls in New England
as factors in their decision to invest overseas
rather than in New England. The major cost
items are apparently transportation and wages.
Investment Return
Thirteen of the 20 overseas ventures have met
expectations and have been profitable. None has
been or is about to be written off as a failure.
A few firms complained of slow production,
translating problems, and material delays. Some
felt a longer time period was needed for a real
appraisal.
All but l of the 13 firms with profitable-operations in Europe plan to repatriate to the United
States earnings not used for reinvestment. This,
•see "New England at Work in the Space Age," 1961
Annual Report, Federal Reserve Bank of Boston.

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This article is based on a research report written by David J. Ashton, Professor of International Business at Boston University.
In another Federal Reserve Bank research report, six interview reports have been compiled
on the effects of foreign trade on New Eng~nd
manufacturers. These reports were written for
the Bank by Raphael W. Hodgson, a member
of the staff of Arthur D. Little, Inc.
Copies of both reports are available on request
from the Bank's research department.
of course, has a beneficial effect upon the United
States balance of payments. The initial investment overseas is a debit item in the balance of
payments, but repatriated earnings are a reverse
flow, a credit item, in the balance of payments.

Effects of Foreign Investment
Opinions differ sharply as to the effects of
manufacturing investment abroad. To some extent and particularly in the short run these for.
eign investments have been substitutes for exports. Where the product was not availabl~
overseas, the immediate demand could have been
filled by production in the United States and
shipment abroad. In the long run, however, the
developing market abroad plus higher costs in
the United States would have led to the establishment of plants overseas - if not by American businessmen, then by others.
The effects of overseas investment also differ
depending on whether the firm, the employee,
or the balance of payments is being considered.
For the firm, manufacturing overseas has been
profitable. Moreover, commercial connections
between domestic and foreign plants have been
increased and improved in many cases, leading
to additional business. As the New England survey shows, in some cases exports of parts and
other products manufactured by the parent company in the United States have increased. In
these instances both trade and employment gain
because of foreign investment.
To the extent, however, that manufacturing
abroad substitutes for exports, these investments
reduce employment needs in the United States.
Concern about "job exporting" is widespread particularly because since the end of the Korean
War unemployment has remained high even in
periods of relative prosperity.
The short run effect of overseas investment on
the balance of payments is to contribute to a
deficit. But in later years as overseas earnings
are repatriated through royalties, interest, and
dividends the inflow of funds aids the Nation's
balance of payments. Which of these several influences will be the most important during the
next decade remains a debatable question.
New England BUSINESS REVIEW

Nonelectrical Machinery-A Leader
automated features. These are finding a ready
Among New England's manufacturing indusmarket as industry strives for greater productivtries, nonelectrical machinery registered one of
ity, lower unit costs, and increased flexibility of
the better performances last year, with employoperations. A McGraw-Hill survey last fall found
ment up 2 percent over 1961. It has become the
the Nation's manufacturers are devoting 18 perregion's largest manufacturing industry in recent of their capital outlays to automated macent years, whether measured by employment,
chinery and equipment. This is a significantly
payrolls, or value of production. This promilarger percentage than was spent on automation
nence, however, has been overshadowed by the
rapid development of its kindred industry, elecas recently as 1959.
To produce this highly specialized, automated
trical machinery, which contains the glamorous
electronic sector.
type of machinery, the regional industry requires
Recent event-s suggest that the nonelectrical
a highly skilled workforce. Two-fifths of its
machinery industry will bear scrutiny in coming
workers have professional and craft skills. This
months as an indicator of the future course of
is 6 percent above the proportion for the inbusiness. Both in the region and Nation, produstry nationwide. Less than 2 percent are unduction in this industry has been at record levels
skilled workers in the regional industry.
since midyear. New orders, nationwide, have
Machinists, mechanics, and tool makers acreached record levels in recent months, indicatcount for the bulk, two-thirds, of the skilled craftsing a pickup in business in coming months.
men's jobs in the regional industry. Employer
Changes in machine depreciation practices
reports from the region's major nonelectrical
and the institution of a 7 percent tax credit for
machinery centers have reported substantial
new machinery purchases may give the nonelecshortages of workers with these skills in recent
trical machinery industry a further boost, since
years, even in periods of relative slack demand.
it is the primary producer of capital goods.
In an attempt to alleviate these shortages, some
Opinioris differ as to the effect these changes will
states in the region have established machinist
have upon machinery
purchases. If the textile industry may be
used as an example,
however, some added
Since early 1960 employment in New England 's
spending is indicated.
nonelectrical machinery industry has shown a
In textiles, spending
plans were revised upbetter performance than the industry nationally.
ward after the change
in depreciation guidelines by the Treasury.•
Regional producers
Adjusted for Seasonal Variation
of nonelectrical maMonthly average for 1957-59=100
chinery are in the
forefront in introducRecession
ing innovations in
105
machine design. Ex/
periods " '
tremely accurate machine tools controlled
100
entirely by punched
tape are being introduced. The region's
95
textile machinery
manufacturers are
bringing forth new
90
machines with many
•see "Stable Business-Rising Capital Outlays," New
England Business Review,
November 1962.
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85_~=--------,,~~----,,__-.._____.,_____,__ _~
1957
1958
1959
1960
1961
1962

trammg courses for unemployed workers. The
State of Connecticut, for example, instituted
such a program in early 1961. Still the need for
workers with these skills exceeds the available
supply as the industry expands to meet rising
demand.
Regional Importance of Industry
New England's nonelectrical machinery industry currently accounts for 11 percent of total
manufacturing employment, and for 13 percent
of total manufacturing payroll in the region. It
spends more for new plant and equipment each
year than any other industry in the region. In
1960 and 1961 its outlays amounted to almost
$70 million. Surveys by the Bank indicate that
1962 spending rose to over $90 million, and that
spending will be at least as high this year.
As in the Nation, the most important activity
in this industry in New England is the manufacture of metalworking machinery, particularly
lathes. The region accounts for about 16 percent
of the Nation's metalworking industry. Thirteen percent of the Nation's metal cutting machine tools are produced in New England, along
with 30 percent of the machine tool accessories
such as drills, cutters, and precision measuring
tools.
General industrial machinery comprises the
second largest subgroup in New England's nonelectrical machinery industry. Included here is
the manufacture of ball and roller bearings, of
which the region accounts for more than a fourth
of the national production.
Ranking third in the region is special industrial machinery, with primary emphasis given to
producing machines for the textile industry.
Over two-fifths of the dollar volume of textile
machinery shipments in the Nation are from
New England.
The above three subgroups account for twothirds of the region's nonelectrical machinery
industry. The remainder of the industry is composed of manufactures of office machines, engines, turbines, etc. Manufacture of construction
and farm machinery, which rank high in the Nation, are of minor importance in the region.
Recent Performance
Employment in New England's nonelectrical
machinery industry, as the chart on page 5 shows,
maintained a higher level over the 1960-61 recession period than did employment nationally.
This divergence stemmed from two factors. Nationally, employment in the construction machinery sector, the second largest sector in the
national industry, fell by 16 percent between
1960 and 1961. This activity is of minor importance in the region - it accounts for less than
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3 percent of total nonelectrical machinery employment - and had, therefore, little depressing
effect upon total employment. Moreover, employment in the region's engine and turbine industry increased by 14 percent between 1960 and
1961, whereas nationally employment in this
sector fell by 8 percent. The changes in all the
other sectors were relatively equal in the region
and the Nation over the recession period.
As the recovery proceeded last year, New England's employment continued to show a higher
level relative to the Nation. The textile machinery segment of this industry registered a strong
performance last year. Iron pourings at the
foundries of New England •textile machinery
producers were up 15 percent over 1961, establishing a new record.
The region's 2 percent increase last year in
nonelectrical machinery employment was widespread. Each of the states showed a gain over
1961 levels, with Vermont's 6 percent increase
the largest relative gain. Moreover, most of the
region's major centers of nonelectrical machinery
manufacture such as Bridgeport and Hartford
in Connecticut, and the Springfield-Holyoke and
Boston areas in Massachusetts registered gains in
the range of I to 4 percent. The Worcester area
was an exception to this trend, however, as employment declined by over 2 percent. New orders
remained at low levels throughout most of last
year in this area. At the year's end, however, a
survey by the Worcester County National Bank
found three-fourths of the nonelectrical machinery producers in Worcester County reporting
an increase in incoming orders.
Not only did employment increase in New
England's nonelectrical machinery industry last
year, but average weekly hours per worker also
rose. Workweeks averaged 41.8 hours in 1962, a
tenth of an hour above the national average, and
2 percent above the 1961 average in the region.
The nonelectrical machinery industry is noted
for its large cyclical fluctuations. Swings in business activity in this industry ate an exaggerated
picture of the cyclical movement of the entire
economy. When business is expanding, with
profits increasing, industry steps up its replacement of obsolete machines and purchases additional machines to meet the rising demand.
When business begins to slacken, on the other
hand, orders for additional machines are reduced drastically and manufacturers delay the
replacement of obsolete equipment.
Available, current data suggests that the nonelectrical machinery industry is again on the upswing in the region. In addition to rising employment, new orders are showing an increase.
In Massachusetts, for example, new orders received by nonelectrical machinery manufacturers
N eur England BUSINESS REVIEW

were up 5.4 percent through last November over
the like period in 1961, according to a survey
by the Associated Industries of Massachusetts.
Moreover, many producers in the region report
their order backlogs are up substantially.

Given its regional importance and the tendency for it to rise sharply in a period of expansion, the nonelectrical machinery industry will
be a major indicator in the months to come of
the course of New England's economy.

Strong Start to Ski Season
strengthening the expectations of gains in the
Prospects for another record ski seamonth's business.
The chart shows the dramatic gain in ski area
son appear strong at
this point. Proprietors
lodging occupancy during the past 12 seasons.
of New England's ski
Interruptions in the trend occurred during seasons of poor snow cover. The introduction of
area lodging places reported gains in occusnow-making equipment provides insurance
pancy in December
against sizable drops of this nature, so long as
and a good supply of
the winter is cold. Such equipment has also
f'·:i0:;~
advance registrations
expanded both the season and the opportunities
-~
for skiing in the southern parts of the region
for January, February, and March.
and serves to further the growing interest in the
Reasonably good
sport. The index would undoubtedly rise more
skiing conditions prevailed in much of western
sharply if skiers not staying overnight and those
and northern New England duripg the last half
staying at ski clubs were included. Day skiers
of December. Skiers who had been waiting imare increasing with highway improvements. The
patiently for the season to start flocked to the
highway programs have also stimulated building
slopes in droves, causing occupancy figures at
and ownership of vacation homes in the ski counlodging establishments in December to climb
try for year-round "second-home'' use.
7 percent above those for December 1961, which
Prospects for this and future seasons are good.
had been an excellent month. Only the White
Growing awareness of the income-producing poMountains and Monadnock areas of New Hamptential of the ski industry and the need for recreshire reported declines, attributable to less favorational facilities for our growing population is
able snow cover than in the other areas. Alstimulating public and private interests to develthough both Christmas and New Year's Day
oping more facilities and better access to them.
were separated from the preceding weekends by an interSki Lodge occupancy in New England
vening Monday, business this
has grown rapidly since 1950.
important holiday week was
Percent
strong. Bitter cold on Decem24
ber 31 caused some people to
1950 season average monthly occupancy= 100
leave a day earlier than expected but their departure
22
only slightly diminished
the month's record.
200
Many new lifts and trails
built during the past year are
strengthening the appeal of
180
the region to skiers. Over 40
percent of the proprietors re160
ported better advance registrations for January and February than a year ago and 29
140
percent reported stronger
bookings for March. Only
12
about 10 percent reported
season=Decem ber-Ma rch
lower bookings for any of the
three months. Good to excel1956
1962
1958
lent skiing conditions have
been general in January,
••'

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MANUFACTURING

CONSTRUCTION

Percent
150 Seasonally Adjusted Index, 1950-52=100

Millions of Dollars
280

324.6

New En land

.,
MASSACHUSETTS
100

l5.___ _ _ _ ____.__ _ _ _ _ _...___ _ _ _ ___,
1960

1961

1962

(seasonally adjusted)

All Manufacturing
Primary Metals
Textiles

Shoes and Leather
Poper

Dec. ' 62

Nov. '62

119
102
43
115
114

117
106
43
113
108

UNITED STATES
(1957-59 = 100)

NEW ENGLAND
(1950-52 = 100)

MASSACHUSETTS
(1950-52 = 100)

MANUFACTURING INDEXES

Dec . '61
122
117
50
127
118

Dec. '62

Nov. '62

125
110
64
125
126

124
110
65
122
125

Dec . ' 61
125
l06r
71
131
128

Dec. '62
120
104
n.o.
n.o.
n.o.

Dec . '61

Dec. '62

-2

34,957

130,377

+11

ll6e

-2

n.a.

Nov . '62

1,558

4,999

127.8

Nov. '62

Dec. '61

Dec. '62

11,296

116
111
114
107
119

Percent Change from:

Commercial and Industrial Loons ($ millions)
(Weekly Reporting Member Banks)
Deposits ($ millions)
(Weekly Reporting Member Banks)
Check Payments ($ millions)
(Selected Cities)
Consumer Installment Credit Outstanding
(index, seas. adj. 1957
100)

Dec. '61

120
102
113
n.o.
121

UNITED STATES

NEW ENGLAND

BANKING AND CREDIT

Nov . '62

178,406

140.6

-3

TRADE

Department Store Sales
(index, seas. ad j. 1957-59
Department Store Stocks
(index, seas. adj. 1957-59

= 100)
= 100)

116
n.o.

n.a.

n.a .

3,842
155

+1
+29

+1
+9

56,473
2,008

+1
+26

+2
0

105.8

-2

100.6

98.01

-12
-17
-11
+2

+6
+2
+49

3,270,340
1,378,832
673,967
135

-1
-8
+9
+1

+9
+5

1,101
13,925

-10
+8

EMPLOYMENT, PRICES, MAN-HOURS & EARNINGS

Nonagricultural Employment (thousands)
Insured Unemployment (thousands)
(excl . R. R. and temporary programs)
Consumer Prices
(index, 1957-59
100)
Production-Worker Man-Hou rs
(index, 1950
100)
Weekly Earnings in Manufacturing ($)

OTHER INDICATORS

Construction Contract Awards ($ thous.)
(3-mos. moving averages Oct., Nov., Dec .)
Total
Residential
Public Works
Electrical Energy Product ion
100)
(index, seas. adj. 1957-59
Business Fa ii ures (number)
New Business Incorporations (number)

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107.4
(Mass.)
87.7
90.80
(Mass.)

163,573
66,475
36,016
131

56
+11
+2
-13
956
+21
n.a. = not available
r - revised

= estimate

+11
+6
-14

-6

Full text of New England Economic Review : February 1963

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