August 29, 2025 • 41 mins
Jamie Mackay talks to Mike Petersen, Stefan Vogel, Jane Smith, Mark Leslie, and Shane Jones.
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Speaker 1 (00:00):
The Best of the Country with Robbobank.
Speaker 2 (00:02):
Choose the bank with one hundred and twenty years global
acribusiness experience.
Speaker 1 (00:06):
Grow with Rubbobank, Me Young Star, Honey.
Speaker 3 (00:24):
Gaddy, and good Morning New Zealand. Welcome to the Best
of the Country. I'm Jamie McKay. Each and every Saturday
morning here on news Talk sent me. The show's brought
to you by Rabobank. We are growing a better New
Zealand together. They're going to kick it off with Mike Peterson,
chair of Scales Corporation of course, former chair of Beef
and Lamb New Zealand and a former New Zealand special
(00:46):
agg trade end boy talking about horticulture and pet food
with Scales and getting some irrigation Damns sort it out
and Hawk's Bay. We're going to chat to Shane Jones
later in the hour about that as well. Stefan Vogel
joined us midweek from Rabobank from the Australian office. His
(01:07):
thoughts on where interests and exchange rates are going. Jane
Smith picture perfect photo shoot for Women's Weekly or that
was my throwaway line. Interestingly, her and Damian O'Connor, who
had clashed pawns or swords should I say in the
past kissing and making up on her North Otago farm
and talking about farms. New Zealand's biggest farmer is Pamu
(01:31):
Land Corp, the artist formerly known as Landcorp. We chatted
or we chatted to Mark Leslie, chief executive of New
Zealand's biggest farm, which reported to be fair a good
result this week. It's all on the best of the
country and it's brought to you by Rabobank.
Speaker 2 (01:48):
So a list it does the best of the country
with Rabobank. Choose the bank with a huge network of
progressive farming clients.
Speaker 1 (01:56):
Rabobank.
Speaker 3 (01:57):
Mike Peterson, Chair of Scales Core Operation. These days, as
I said, former chair of Beef and Lamb New Zealand
Special Agricultural Trade Envoy has worn many hats, still wears
many hats in New Zealand agriculture. Hey Mike, a big
announcement from Scales yesterday. You're doing very well. My scale
shares a nearly worth five bucks thanks to you and
Andrew Borland.
Speaker 4 (02:20):
Well, you know we're very pleased that your small investment
is progressing well.
Speaker 3 (02:24):
Very small investment. I wouldn't mind some Fonterra shares at
the moment they're at six bucks.
Speaker 4 (02:30):
Well, and he's equally being a Fonterra dairy farmer is
going to deliver a pretty good return in some stage
by the end of the year. So you're right, Jamie.
Look there's a lot of buoyancy around at the moment.
And look, we're pretty pleased with the way Scales Corporation
is taking along a really good result in horticulture, our
pet food ingredients business is nice and steady, and our
(02:51):
logistics business links at all in so it's been a
very very solid first six months. We're pretty happy. But look,
it's not just me and Andy Bolland there's a team
of people and a whole lot of really good people
working in the business that's delivering these results.
Speaker 3 (03:06):
Now you're vicariously sort of taking credit for what Fonterra
is doing. Now you reckon they're following the blueprint set
by Scales.
Speaker 4 (03:14):
Well, we actually have, particularly in our pit food ingredients business,
we are ingredient supplies to pitt food manufacturers, and I
guess there are some parallels with Fonterra because we've made
the decision not to compete against our customers and we
think that's a far better place to be for us.
We supply the big pet food manufacturers in the world
(03:37):
like Mars and Nesle and even ze Wee likes of
Zee here in New Zealand, but we don't sell retail
brand pet food, and we think that's a really good
place to be and it certainly gives you a really
strong partnership between yourself as an ingredient supplier in the
manufacturer that's selling to consumers.
Speaker 3 (03:56):
And that's exactly where Fonterra is heading by getting rid
of it conscum brands and just being in the ingredients business.
How much of the scales portfolio is out and out horticulture.
Speaker 4 (04:11):
Our horticulture business is a significant part of the business,
but we sort of have a couple of aspects to this.
Horticulture is quite set heavy, and then the pet food
ingredients business is light, so there's more capital tied up
in horticulture. The return on capital invested in horticulture is
lower than pet food and logistics. But we see ourselves
(04:34):
as a diversified fund in the air grabusiness space, and
we're always looking for opportunities to grow and expand within
our grabusiness. But it's a different model. We think it
helps the investors by having three leaks to that stall.
Speaker 3 (04:51):
How positive is or our apples at the moment.
Speaker 4 (04:55):
It's pretty exciting. Having said that, it has been pretty
challenging over the last years, and we only need to
look back to twenty twenty three recycling Gabrielle with Hawk's Bay,
where most of the apples in New Zealand are grown.
It was a pretty tough time and it has been
challenging with the cost of labor going up, and it's
been particularly hard I think for some of the smaller
(05:17):
grows just to keep their orchards viable. But last season
was it was a very good crop, excellent growing conditions
with good fruit size, and it's actually paid off well
in the market. There's still a portion of the crop
to sell, but we've got really good demand through particularly Asia,
through the Middle East and hopefully to India shortly for
(05:41):
our apples. They are highly sought after and we're pretty
excited by what's ahead of us.
Speaker 3 (05:45):
You're still paying a tariff to get into India.
Speaker 4 (05:49):
Yes, fifty percent tariff there Jamian. Hence we've been pretty
active at working with the government to progress that free
trade agreement, and look, we're really hopeful we can get
and relief there because the Indian market would be a
huge opportunity for us with apples. Likewise, if we managed
to open up South Korea, which we effectively can't get
(06:10):
access to, and made it easier to get to Japan,
those three markets alone would transform the apple sect overnight.
Speaker 3 (06:17):
You're born and bred in Central hawks Bay. I know
you missed out on your big rue Tanifa water scheme.
You're looking at another one. Would that open up all
that area for horticulture? Would that be a good apple
growing region?
Speaker 4 (06:31):
Absolutely, Jamie. And I'm part of the group that's actually
driving the Tookie Tookie Water Security project, and that is
about providing the opportunity for high value food production and processing,
particularly in the retanna for planes and right down the
length of the Tookiokie River. And there's no doubt, Jamie.
The reality is if you wanted to put an orchard
(06:52):
in place in the Rottanna for planes right now, you
could not do it if you haven't got access to
a water consent and exist and consent. There are no
new consents being issued. The catchment is overallocated and hence
our desire to try and store some water before it
flows to the sea so we can actually provide water
when it's required.
Speaker 3 (07:13):
Are your days, because you are a former chair of
Beef and Lamb New Zealand, are your days on the
lambing beat now done? Mike Peterson? That is past tense
in your life.
Speaker 4 (07:22):
That is past tense, Jamie. I have to admit that
there's past tense. And it's a beautiful day in Hawk's
Bay today, and I know that there are going to
be a lot of people out there enjoying this weather.
But Hawks Bay, you know, we're probably reasonably dry at
the moment, and I think there's a bit of a
country that's just getting a wee bit nervous about what
the spring's going to hold. So it's been great lemming
(07:44):
weather that there's been a really good drop of lambs
on the ground, and look, I think that's really great
for farmers. But I think people are still looking for
a bit more rain before spring comes.
Speaker 3 (07:55):
I was doing a thing with Shane Jones on Friday
night and I was in his there the whole night.
We've got to build some more dams. He's up for that,
and he's got to build some more four lane highways
that'll make New Zealand great again.
Speaker 5 (08:06):
Mike absolutely, Jamie and we have been talking to Minster
Jones and look he's a strong advocate and supporter of
what we're trying to do here, so and look he
just wants to get on with it and it's refreshing
to see.
Speaker 3 (08:22):
Mike Patterson. I'm the Best of the Country, brought to
you by Rabobank. My name is Jamie McKay. You'll hear
from Shane Jones later in the hour. Up next Stephan
Vogel out of Australia, where our interest in exchange rates going.
Jane Smith on a North Otago farm with Damian O'Connor
and Mark Leslie, the bloke who's running the biggest farm
in the country. It's all on the best of the country.
Speaker 2 (08:47):
The best of the country with Robbobank the bank, with
local agri banking experts passionate about the future of rural communities.
Speaker 3 (08:55):
Rubbobank always enjoy catching up with this man on the
country because he's a smart man. And you don't get
to be the RABO Research GM for Australia and New
Zealand no less unless you are quite a smart blog
Stefan Vogel joins us out of Oz. Stephan, I want
to start with the exchange rate and interest rates. Of course,
(09:16):
here in New Zealand. Last week we had the Reserve
Bank dropping the OCR to three percent. Interestingly, they signaled
another two drops to get it down to two and
a half percent. What are you guys at rabobanks saying, Look, you.
Speaker 6 (09:31):
Already summarized it nicely and if you look at the
wording that we have seen in coming out of the
meetings there, it actually signaled to the market that it
wasn't a matter of Shelby cut or Shelby not cut,
but it was a matter of Shelby cut twenty five
or fifty and when do we do the next one.
So the market obviously is already pricing in another twenty
(09:52):
five basis points towards the end of this year that
will be cut and another twenty five or so to
be cut in the first half of next year. And
that's all good news for the consumers over in New Zealand,
I think. So as a German, I'm trying to be
positive and today I think will be a call of
a lot of good news for those who look at
(10:12):
the input cost site.
Speaker 3 (10:13):
Are you telling me that Germans aren't positive? I know
you're not generally humorous, Stey found, but you.
Speaker 1 (10:18):
Ah tough on you.
Speaker 6 (10:20):
I don't want to be general, but I can only
talk about myself. So I'm trying to be positive these days.
Speaker 7 (10:27):
So obviously, in a world.
Speaker 6 (10:29):
Where we have to find through tougher trading times, I
think for our businesses there is a lot good news
also still on the horizon. So I said, the interest
rate is one and if you look at the impact
this has because obviously not only here in New Zealand,
a lot has happened in the meetings there of the
Central Bank. But if you look into the US, obviously
(10:50):
mister Trump is trying to fire the Governor Cook and
she's refusing to leave office, and so we have a
battle there ongoing, and it's obviously something that impacts the
exchange rate quite a bit, because for US in Australia
and New Zealand, the US dollar is just a very
important currency. So if we're looking at where we've been,
(11:12):
we've been actually rather weak following the cuts we had
in New Zealand here with a currency, and now with
the turmoil in the US, it's balancing slightly higher, but
overall we're still well below sixty cents to the US dollar,
and that's I think good for the export market because
it just brings a little bit more extra New Zealand
dollars into our pockets when we sell our products in
(11:34):
the global market in the US.
Speaker 3 (11:35):
Dollars absolutely fifty eight and a half when I had
a look this morning at might have updated since then,
but that's a very export friendly exchange right for US.
Speaker 6 (11:45):
Absolutely, it helps us there. It may make our imports
a little bit more expensive, but that level I think
is a good and healthy one. But we can't just
think that, oh, it's going to stay there. We have
seen that the exchange rate is what we call a
shock absorb in these times. Whenever there's a hit to
the economy, whenever there's a big Trump blow against China,
(12:07):
against any other country, we see the exchange rate taking
the shock a little bit and absorbing it and moving
quite a bit. So we're still expecting that there could
be a turnaround of that interest rate as sorry of
that FX, and we may move towards the sixty level
bother soon again. But there is quite a bit of
a volatility in the market going forward and for now,
(12:29):
as you said, good for the exporters, Well, I'm.
Speaker 3 (12:31):
Sure we could live with the sixty USC in exchange right,
sort of pick you up on a comment you made
away bit earlier about the perhaps two more drops in
the OCA. Commentators are here are saying those two right
drops would or could happen before Christmas. You're calling one
between now on the end of the year and one
on the new year.
Speaker 6 (12:52):
Yeah, so I'm referring to what I see in the
market and the forward curve of the swaps basically, so
that's where we are. But you're right, there could be
even a of either fifty busis points this year or
two cuts of twenty five. So with the latest comments,
I think everybody gets a gets a little bit more
(13:12):
excited about a further drop in the interest rate in
New Zealand.
Speaker 3 (13:16):
Stephan Vogel with this Rabo research GM for Australia and
New Zealand. If you're sitting out there on your farm
and you've got a big mortgage to Rabobank of course, Stefan,
and it's about to come off a fixed rate, what
do you do at the moment? Do you just roll
on floating? Do you ride the floating train down or
do you take some short action. I don't know six
(13:37):
or twelve months.
Speaker 6 (13:39):
Look, I don't want to give anybody an advice without
knowing their circumstances. But overall, I think for many of
us who have a mortgage, it is a good thing
if the interest rates comes down. And the question is
what does it do to your business if we would
soar in these interest rates? So right now the market
doesn't call it, but the market has been wrong in
(14:00):
the past, and that's kind of where I think the
risk assessment of everybody needs to kick in and we
need to think, well, are we happy if we lock
in something at this rate or do we want to
think it may drop further. But we've seen it also
on the way up, a lot of people were called
caught a little bit off guard by the point in
time that the writing was on the wall that we
(14:22):
see interest rates increasing. When we went into that up cycle,
it was already too late to log in rate. So
that I think everybody needs to take their own decisions
about what is good for their farm and what is
not good for their farm, to make sure that we
cover some of the risks, because at the end of
the day. It's not only that part, it's also the
cost on farm that we need to monitor. Obviously, fertilizers
(14:45):
are still expensive. Fuel is volatile in these days as
well when we look at the geopolitics and feed grain
is maybe one of those that brings us a little
bit of good news.
Speaker 3 (14:56):
Stefan Vargel, Rabbi Bank out of Australia. Thanks to you, Tom,
always good to catch up. Appreciate it. And you know
I was only joking about Germans not having a sense
of humor.
Speaker 6 (15:04):
See how later I know that we can always joke
about it. Thank you.
Speaker 1 (15:09):
The best of the country with Rubbobank.
Speaker 2 (15:11):
Choose the bank with one hundred and twenty years global
agribusiness experience.
Speaker 1 (15:15):
Grow with Rubbobank.
Speaker 3 (15:17):
We love your feedback here on the country, especially when
you send us a nice farming pick. I got one
a couple of days ago from our next guest. It
looked like something from the pages of Woman's Weekly or
the Woman's Weekly. Man and woman, arm and arm standing
on the farm. Quite beautiful and picturesque. Let's welcome the
female part of the component onto the show. Jane Smith,
(15:40):
north Otago farmer and a former owner of the balance
farm environment towards The only problem is in the photo, Jane.
It's not your hubby Blair, it's Damian O'Connor. Have you
two kissed and made up?
Speaker 8 (15:52):
Good afternoon, Jamie. Yeah, it was quite the photo, wasn't it.
So next, let's taken on Damien spine. And who would
have thought, Jamie, who would have thought this, you know,
six or twelve months ago that I'd be welcoming Jamien
into onto the farm, you know, scones in hand and
for a cup of tea. But look, you know, I
often think time spent was those that may have opposing
(16:12):
views is a lot more valuable than an agreement session.
And I've matured a lot in my political allegiances, I guess,
And I care not for the color of the political
rosette that you wear, but for the best outcomes for
our country and our countryside, Jamie. And this was this
was part of it. And Damien was keen to you know,
he has to pick a come up, and I said bare,
and I said yes. And Blair was here as a
mediator that wasn't needed at all, actually, And I do
(16:34):
like about one thing I really like about Damien is
if he disagrees with you, he'll tell you straight up,
and because there's nothing worse than sort of a vanilla
sort of vanilla tones and sort of simply appeasing you
because it's the easiest.
Speaker 9 (16:46):
Thing to do.
Speaker 8 (16:46):
And what if Muhammed Gardhi say, honest disagreement is often
a sign of good progress, Jamie, And you know that's
that's where Jamie and I have got to Yeah, does.
Speaker 3 (16:55):
He realize that you, in the past and on the
show have called him an inverted Commas wormy weather.
Speaker 8 (17:02):
Yeah, well it's been well out in the open, Jamian.
He didn't actually ask me to apologize for that, and
you know at that time, and I was pretty straight
up with him. You know, between twenty seventeen and twenty
twenty three, we had a constant barrage of submissions that
we had to put in. You know, business owners around
the country, whether you're farming or manufacturing, or mining or
fisheries were hunted down by the labor of Green's government
(17:23):
and framed, you know, without trials. So you know, hundreds
of hours were put into submissions. And one thing I
did talk about was, you know, let's have the submission
process before regulation, not afterwards. And give those that are
most affected by it involved up front that it's the
most efficient and effective way, and you know everybody wants,
including taxpayers, because it saves the hell of a lot
(17:43):
of money too. So you know, we really we put that,
you know, drew a line under that, I guess, and
hopefully onwards and upward. And I know it's really easy
when you're in the opposition to be you know, quite congenial.
Speaker 4 (17:55):
But we had, yeah, a lot of.
Speaker 8 (17:57):
Discussions around you know, things like pasture rays, the fact
that you know, we're not really pushing that far enough.
G free has never been pushed beyond sort of a
background noise, and you know, these are key tenets of
our unique pasture propositions in New Zealands, and we've jumped
straight to the biotech lab and he was very he
absolutely agrees with that. So you know, that's something I
want to see Damien champion championing over the next couple
(18:19):
of years, and as well as you know, the holes
in the moment at the moment in the carb and
forestry scenario, and I know the Windham Warrior, Dean Rabbage,
has been quite vocal on this in the last couple
of days but you know that Class seven and eighth
land still very concerned about that. That is, you know,
literally the breeding ground for our youth and our cows
(18:40):
that produce the carbs and the lambs that are getting
such great prices around the world at the moment, Jamie,
and also the guardians of the two point six million
hectares of native biodiversity, and so they seem to still
think that that sort of an expensable figure on a spreadsheet.
These are real communities and those you know, they really
needs to be a tightening down of that because it's
(19:00):
still happening in those classes of land, Jamie.
Speaker 3 (19:02):
So in your Woman's Weekly photo shoot with Dami and
O'Connor on the North Otago farm, were you cuddling up
to him sort of to get us political smarts. Now
that you are kicking off your own political career, Jane Smith,
you're standing for the position of South Island Director for Ravenstown,
which is interesting because when I first met you many
many years ago down on Southland, you were working for
(19:24):
Ravenstown as a field rap.
Speaker 8 (19:26):
Yeah, that's right, Jamie, and I've been sort of approached
by a number of farmers over the past few years
to stand and I just probably had enough that I
was juggling at the time. But I think I'm particularly
interested in the fertilizer sector at the moment because over
the next you know, two to two to five to
ten years, is it going to be a really challenging
I guess time for the fertilizer sector in the pastoral
(19:47):
and an arable sector as well in horticulture. And I
guess I just see that possibly I've got some strengths
that I could put around the table, and actually that's
it's a company that I'm really passionate about, and I
guess I do have a forthright around the board table.
I think Blair describes me yesterday as a cross between
Margaret Thatcher and Angela Merkel. I hope he was meeting
(20:07):
my boardroom demeanor, not my appearance, Jamie. He might need
and I mind me both actually, but you know, I
take no prisoners. But those that have worked around with
me around the table would actually say I am forthright
but collaborative.
Speaker 4 (20:18):
Well, I hope they would.
Speaker 8 (20:19):
But you know, the combination of my Scottish and German
genes mean I'm absolutely focused on efficiency and effectiveness, and
I think our fertilizer seeker absolutely needs it at the moment, Jamie.
So again, I just encourage people to vote, not necessarily
for me. I'm not everybody's cup of tea, but you know,
voting and using that right to vote, because I think
generally the voter turnout, especially when returns are pretty good
(20:41):
in the sector, tend to be pretty low. And actually
we need to be really super sharp on the way
forward and the sector, and you know I want to
be part of that, Jennie.
Speaker 3 (20:50):
Let me just finish with happenings in the meat industry
at the moment. I know that you're not an Alliance
Group supplier, but what do you make of what's happening
re the Dawn Meat? It's what are they going to
spend two hundred and fifty million dollars? Look at my
numbers to get.
Speaker 4 (21:04):
What is it?
Speaker 3 (21:05):
Sixty five percent of the Alliance Group. And I know
there's moves a foot from some of the biggest shareholders
in Alliance to try and revisit this. They want to
keep control of one hundred percent farmer co op. Is
that practical these days for the meat industry?
Speaker 8 (21:20):
Yeah, Well, it's interesting, Jamie and I share their everybody's
disappointment and the value offered to that stake and Alliance
and it certainly doesn't know none of us actually solves
any of our structural issues that we have in our sector.
And it seems to be a very much alike at
all Lumpet. So there's no Plan B or C. And
it would have been great to see sort of a
bit of a bit more dynamic options in there. And
(21:41):
it feels like that, you know, they are getting painted
into a corner. That said, it's also sounds like Dawn
makes it a very highly successful, very progressive company. I've
heard that from my Irish farming friends, and you know,
they might give a really fresh perspective into the sector.
And there obviously after that New Zealand province and they're
all year round supply and that food security, which is
(22:03):
obviously what everybody wants globally at the moment. So whether
there's a balance there in terms of in terms of
percentage of takeover and and you know, there's good that
that shoeholders are really getting involved there, but I guess
it like all co ops and Alliance and now fertilizer
companies are no different. We've got to really look at
what does a co op mean? And that's you know,
(22:24):
it feels like we need to go back to first
principles because we tend to hang on to that when
instead of actually just unpacking it and thinking what does
it mean? And you talk to a lot of sub
thirty year old farmers out there at the moment, and
they say they just want a really dynamic company that
pays a good price and they can get you know,
Surety of Kurl, et cetera like that, and they're doing
some great things globally. So it's a balance, Jamie, isn't it.
(22:45):
So it'll be really interesting over the next few months.
And again I think it's worth fighting for. But it's
also worth having that injection into the into the set
to Jamie.
Speaker 3 (22:54):
Okay, Jane Smith, thanks for your tom good luck in
the Ravens down direct the race, and good luck to
all the candidates. Can can we post your photo your
woman's weekly photo shoot with Damien on their website?
Speaker 8 (23:04):
You might have a hat as Damien. It was taken
on his phone, Jamie and he yeah, I don't know whether.
Speaker 3 (23:08):
Hell he's public property. And well done to Blair. A
cross between Maggie Thatcher and Angela Merkele, maybe not a
mile away. Thanks Jane, go on for you the best
of the Country with Rabobank. Choose the bank with a
huge network of progressive farming clients. Rabobank Get a New Zealand.
(23:30):
Welcome back to the Best of the Country right around
the country. The show's brought to you each and every
Saturday morning here on News Talk, said b by Rabobank.
We're growing a better New Zealand together. I'm Jamie McKay.
This is the best bits of our weekdays show twelve
to one. Up next on the Best of the Country,
Mark Leslie, chief executive of PAMU. They came out with
(23:51):
a pretty big result, did New Zealand's biggest farming operation.
And Shane Jones, the Prince of the province, is self
titled Martua Shane Minister of digging it Up, up and
damning it up. He's been distinc fishing, get it right
out the dosh on the East coasts. This week we'll
talk to him about that and other stuff. Now talking
(24:11):
about Rabobank. You can save with the bank that uses
one hundred percent of your deposits to help fund and
support New Zealand agribusiness multiple savings options. You can not
only grow your savings but help grow the country as well.
Go to rabobank dot co dot Nz to find out
about some of those wonderful rates and Rabobank I'll give
(24:32):
him a pat on the back here. They've recently signed
a new sponsorship agreement to become the lead sponsor of
catchment collective at Rower. As a part of this new agreement,
Rabobank will provide a catchment collective aart Rower, with an
initial one hundred k in funding, as well as looking
how its people can get involved in their local areas
(24:53):
looking after the catchments on our wonderful country. This is
the best of the country. Up next, Mark Leslie from Palmu.
Speaker 2 (25:06):
The best of the country with Robobank, the bank with
local agribanking experts passionate about the future of rural communities.
Speaker 1 (25:13):
Robbobank Today's big news story.
Speaker 3 (25:16):
New Zealand's biggest farmer has come up with a record result. Palmu,
the artist formerly known as land Corp.
Speaker 1 (25:23):
Look at this.
Speaker 3 (25:24):
A net operating profit up one hundred and forty five percent,
net profit after tax up five hundred and sixty one percent,
a seven point three percent return on equity income three
hundred and forty eight million, up twenty three percent, livestock
revenue one hundred and forty million thirty six million more
(25:45):
than the year before, and milk revenue similar story. Mark
Leslie is the chief executive of Palmu or was winstant
making you guys call yourself land Corp these days? Mark,
congratulations on the result by the way.
Speaker 7 (26:00):
Thanks Jamie, Palming, Landcork all fine with me. No, it
has been good to get that result out there and
it recognizes all the hardware our farm teams do every
day out there, but also really starting to see the
fruits of the labor around getting the new team in
pace and getting really back to those basics around focusing
on core farming principles.
Speaker 3 (26:19):
You've faced a lot of heat for heading down the
wrong track farming wise. I guess this has this silenced
the critics.
Speaker 7 (26:28):
I think this should go a long way to start
that Jimmy, Jamie in terms of I think for me positively,
as you talked about the livestock revenue up to thirty
six million, yes, strong strong pricing has supported that as
all agriculture is seen. But equally we've had a twenty
per cent uplift in farm production, So a good combination
of driving that farm performance as well as the uplift
(26:51):
and pricing, and I think positively looking to the year
we're now in signaling another improved performance sort of currently
talking about anough of six ninety nine million dollars. So
really positive to be able to set that journey in
motion and see the results coming through and seeing some
really positive outlook for the next two years.
Speaker 3 (27:10):
So Mark Leslie, Chief Executive of Palmu Landcorp. I'm still
confused on that one. What's turned the ship around?
Speaker 7 (27:17):
Yeah, and I think a lot of things Jamie in
my time now he had gone three years, We've brought
in fresh leadership and really focused back on the basics
of core farming and improving efficiency to that. So that's
that's been the real focus of the last few years.
As you and your listeners will know, farming systems don't
change overnight. We've made a number of changes in our
(27:38):
dairy operations, in our livestock operations, and that is what
we're now starting to see come through in terms of
the productivity improvements that are driving this year's this year's performance.
But equally as we saw in the results of the year.
Speaker 3 (27:50):
Have just done You were accused of being too woke
and getting off track. Have you sorted all that out?
Speaker 7 (27:57):
I think we're well on track in terms of the
core farming principles, absolutely, And if you look at some
of the numbers in there about Lambing percentages around getting
gary cow six week in calf right, which we're now
seeing the benefit of that in the season we're now in,
we're sitting seventeen percent up on milk production for the year.
So note we are well onto a focus on productivity.
Speaker 3 (28:19):
Well to give credit to Land Corp lambing percentage one
hundred and thirty five percent above the industry average of
one hundred and twenty nine percent. It would be remissive me,
Mark Leslie not to talk to you about Molesworth, Wilding
Pines and my old school rugby mate Jim Ward. What
went on there or is that still the subject of
a court case?
Speaker 4 (28:41):
No.
Speaker 7 (28:41):
I think if you look for our broader Palm network
of farms, we have changes at farm manager level right
across the network. And I think if you look at
Molesworth and that specific example, we've had a long period
of time of a lot of uncertainly on that property.
In terms of extension of leases. The lease has been
extended out up to June twenty twenty sixth. Again, that uncertainty,
(29:04):
the uncertainty of how the farm was going to be
farmed from a what livestock, how many livestock you could carry?
That uncertainty is created uncertainty in the minds of those
who have all been involved. So it's an unfortunate circumstances
that's occurred.
Speaker 3 (29:19):
Let's just look at the wilding pines at Molesworth. It's
a real issue. Reports suggest that was one of the
reasons why Jim Ward left. But I'll put that to
one side, and I'm not going to talk to you
about planting pine trees on Molesworth Station. It's our biggest
farm in the country. You're not going to hand over
the ownership to Dock and let them plant the whole
(29:41):
lot of trees, are you?
Speaker 2 (29:43):
No?
Speaker 7 (29:43):
I think to be clear on Molesert from our perspective,
we are the lease the of it. It is Department
of Conservation who are the owner of it. They, as
I understand, will be making the announcement soon around the
future terms and conditions of how that will be paraded.
So as you said right up front. Wading pines are
(30:03):
on an nursue there and the widen conn of for
control programmers had a heavy focus in that area. That's
the teams on the ground have supported as part of that. Equally, unfortunately,
there was probably some confusion created about the potential of
planting forestry in there. But that's that's not a decision
that sits in my hands.
Speaker 3 (30:22):
Most of Molesworth would be too high for plantation, forestry
or carbon farming wild it.
Speaker 7 (30:27):
Yeah, I think there be, there'd be a lot of it.
There would be challenging to plant plant forestry in absolutely,
and I think that's there. So that's not our decision
to make well, not my decision to make well.
Speaker 3 (30:37):
Doc han't exactly got the greatest track record when it
comes to keeping land free of gorse and broom.
Speaker 7 (30:44):
Yeah, I think that's It's not something I'm going to
comment on, Jamie.
Speaker 4 (30:47):
It's not.
Speaker 7 (30:48):
It's not my decision to make I'm going to I'm
going to go back to where I started. Our focus
is on is managing the farms and running the farms
that I have control over and making sure we do
that as well as we can every day.
Speaker 3 (30:57):
So seven point three percent return on equity. What sort
of dividend are you paying the government on that?
Speaker 7 (31:03):
So we'll pay a dividend of fifteen million dollars this
year to the crown. So that's a big step up.
If you look back over the last ten years we've
played thirty two million dollars in total. Then we've got
two proposed dividend payments in the next two years as well.
So no, a really positive step up in terms of
returning return back to our owner.
Speaker 3 (31:22):
Mind you, fifteen million isn't a huge dividend when I
look at the asset base of land Court Parmu.
Speaker 7 (31:29):
Yeah, I think and remembering dividend as part of it
that you made the point earlier on about the seven
point three percent return on equity part of that then
get has been reinvested as we look at integrating production
forestry into our farms, as we look at where horticulture integrates,
and supporting our continued drive to actually improve the performance.
So again to some areas will continue to look to
(31:51):
improve so we can deliver the an ongoing stadable profit
that we've done this year, we'll be looking to do
in the EPP.
Speaker 3 (31:57):
Well, I know I've been a bit tough on you
in the past, but I've to credit where credits due.
This is a good result and it looks like the
financial year twenty six is even going to be better.
Good luck keeping a land corp on the straight and narrow.
Speaker 7 (32:09):
Thanks dam you always appreciate it, and i'd always also
acknowledge the teams that are out on the ground. They
cops the same criticism, but they are doing the harmerkey
every day, so it's nice to be to acknowledge them
in terms of the results as well.
Speaker 1 (32:20):
The best of the country with Rubbobank.
Speaker 2 (32:23):
Choose the bank with one hundred and twenty years global
agribusiness experience.
Speaker 1 (32:27):
Grow with Rubbobank.
Speaker 3 (32:29):
Here's the self titled Prince of the Province's Martua. Shane
Jones enjoyed his company last Friday and Tapoki. We'll come
back to that one, Shane Jones. But you have been
playing Santa Claus on the east coast.
Speaker 9 (32:40):
Good afternoon, ho ho ho, Father Christmas has been down
to wide autumn kisban no look mate, there's a lot
of good soil there. Climate and working through the Rift
Fund with landowners helping them to embed some water storage
on the land. I mean, let's face it, in all
the biggest employers, the freezing works, and we need to
(33:05):
basically boost the productivity of that land. And if it
takes a bit of investment for water storage and create
a new line of exports and some new sort of
remedies to get rid of the unemployment bogie, why not.
Speaker 3 (33:19):
Now the RIFF fund that you were talking about is
the Regional Infrastructure Fund? Is this kind of like the
provincial growth Fund and drag You remember the Provincial Growth
Fund shame. We used to run around the country as
Santa Claus and handing out money to all sorts of
wastes and strays.
Speaker 9 (33:37):
I recall a certain group of South Islanders who raced
to the front of the queue to ensure that they
got their liquor of the cherry. So at the time,
no one was complaining. But of course as time has
gone on, different projects turn out and not quite the
way we originally envisaged, but the vast majority of them
(33:58):
they served their purpose. And the RIFF Fund, as I
announced yesterday in Gisban and in Wideaw, works with landowners,
works with councils, and it's got to focus on infrastructure
because as you know, I believe that the great opportunity
in New Zealand is for more water, not just about
red tape, but growers, farmers and users of land. They
(34:20):
need reliable access to water, and Lord knows that paus
and enormous quantities here in New Zealand. It's just that
the government has been a bit cherry recently about unwriting
some of those projects, which is why I'm very happy
to say that they're both in the South Island and
arguably will be developed in Gisbane and wide or as well.
Speaker 3 (34:41):
Well, you can't beat a dam. I love dams and
tall buildings and adding to my list of loves Shane
Jones's four lane highways. Of course, you and I went
on one when we went out to Tapoki last Friday.
I love the one from Auckland down to the Waikato region.
We need more of those, I reckon. If we had
better mobile coverage in this country, better broadband and more
(35:04):
four lane highways, that would be happy days. We would
get the economy moving.
Speaker 9 (35:08):
What do you reckon, Well, the best way to ensure
that that's delivered is to toally with changing the government.
Because my colleagues on parliamentary colleagues on the other side
of the house. They have these heretical views that we
don't need roads, which suggest to me they've yet to
catch up with the discovery of the wheel. But no,
we're going to have a four lane highway game north
(35:30):
as well. It'll be told. I think a trick was
missed when John Key refused to toll the gold Golden
Triangle four lane highway down and around Hamilton and Cambridge.
And yet the one we've got going into Northland sadly
requires you to pay a toll every time you go
backwards and Fords and I suspect a similar thing will
(35:51):
be visited upon Totdowner as well.
Speaker 3 (35:53):
Mind you, if you're going to get there more quickly
and more cheaply in terms of fuel and all that
sort of stuff, why not pay a toll. It's the
only way to fund roading.
Speaker 9 (36:02):
Yeah, I mean exactly, it's a trade off. We're either
going to continue to put taxes up and don't like
that idea all, we're going to go to an electronic
system of extending how we pay for diesel miles. At
the moment that's got some tricking us to it, which
is why no doubt Chris Bishop is taking us time
to perfect that system. But no, no, no, I improved highways,
(36:26):
improved roads, improved infrastructure. I mean, look, I don't want
to live in any pygmy economy. Now, we're going to
keep the people of New Zealand comfortable and secures to
grow our economy, and whether it's from mining, fishing, growing things, farming,
we should be messly expanding the size of our economic footprint.
That's why I break up every morning hoping to achieve.
Speaker 3 (36:48):
Well, you are the Minister of digging it up and
damning it up. Karen Williams from Irrigation New Zealand was
on the show yesterday and she was hinting that you
had some I mean you've talked about a couple of
water storage projects Shane Jones, but she was hinting that
you had something big. Come on, tell me you're going
to build a kick us dam somewhere in this country.
Speaker 9 (37:06):
Hawk's Bay is uppermost in our mind. It's in the
fast track. We've allocated some initial money. There are naysayers. However,
it's time for us look over the naysayers with harsh
economic reality, worth changing, climate changing situations in terms of
the distribution of opportunity for turning Mother Nature's bounty into wealth.
(37:31):
Is going to need water to do that. However, it's
got to go through the fast track. I can tell
you we have the opportunity to govern again. We'll ensure
that the Crown helps derik these water storage and irrigation
plans because we have got to exploit our natural advantages.
Ensure that it's not compromised by shrillness or hysteria to
(37:52):
do with some change.
Speaker 3 (37:53):
Well, you tell that to Chloe. And while you're talking
to Chloe, tell Julianne that you were going to build
some four lane highways. That'll get her excited. Hey, Shane Jones,
thanks for your time. Congratulations on a great evening in
to Pooky last Friday, giving freely of your time for
a great cause.
Speaker 4 (38:09):
See you guys.
Speaker 9 (38:10):
Bye.
Speaker 2 (38:11):
The best of the country with Rabobank. Choose the bank
with a huge network of progressive farming clients. Rabobank last the.
Speaker 3 (38:20):
Farm, should have stayed on the farm, should have listened
to my old man. That probably applies to Shane Jones
and myself. I'm Jamie McKay. This is the best of
the country. It's brought to you by Rabobank. We're growing
a better New Zealand together. I'm completely out of time.
I'm going to leave you with my favorite olt In
John song you've already heard from Alton and Juwa Lipa.
(38:42):
I've only got one thing to say to you New Zealand,
or to use Southlanders like myself former Southlander in my case,
go the stags, bring back the lag Award.
Speaker 7 (39:00):
Cow.
Speaker 1 (39:02):
You can't blame me. I'm doing night.
Speaker 4 (39:07):
To night down.
Speaker 1 (39:10):
Bank.
Speaker 8 (39:10):
You I.
Speaker 6 (39:14):
Haf an tonside my July.
Speaker 7 (39:41):
What do you think you'll do that?
Speaker 3 (39:45):
I let the sheet down the plane.
Speaker 9 (39:49):
You're gonna take you a cow.
Speaker 1 (39:51):
Live your town to set you on your feet again.
Speaker 3 (39:58):
Maybe replay it's fund standing like me to be found
my roads.
Speaker 6 (40:07):
Dude, ain't got.
Speaker 1 (40:08):
A plant, specially proteast.
Speaker 3 (40:11):
It's like I'm.
Speaker 1 (40:25):
So cattle the road were the docks at society?
Speaker 5 (40:31):
To how.
Speaker 7 (40:33):
The cat.
Speaker 1 (40:38):
Back to
Speaker 4 (40:46):
I the home in my tow aside my future beyond
The Best of the Country with Robbobank.
Speaker 2 (00:02):
Choose the bank with one hundred and twenty years global
acribusiness experience.
Speaker 1 (00:06):
Grow with Rubbobank, Me Young Star, Honey.
Speaker 3 (00:24):
Gaddy, and good Morning New Zealand. Welcome to the Best
of the Country. I'm Jamie McKay. Each and every Saturday
morning here on news Talk sent me. The show's brought
to you by Rabobank. We are growing a better New
Zealand together. They're going to kick it off with Mike Peterson,
chair of Scales Corporation of course, former chair of Beef
and Lamb New Zealand and a former New Zealand special
(00:46):
agg trade end boy talking about horticulture and pet food
with Scales and getting some irrigation Damns sort it out
and Hawk's Bay. We're going to chat to Shane Jones
later in the hour about that as well. Stefan Vogel
joined us midweek from Rabobank from the Australian office. His
(01:07):
thoughts on where interests and exchange rates are going. Jane
Smith picture perfect photo shoot for Women's Weekly or that
was my throwaway line. Interestingly, her and Damian O'Connor, who
had clashed pawns or swords should I say in the
past kissing and making up on her North Otago farm
and talking about farms. New Zealand's biggest farmer is Pamu
(01:31):
Land Corp, the artist formerly known as Landcorp. We chatted
or we chatted to Mark Leslie, chief executive of New
Zealand's biggest farm, which reported to be fair a good
result this week. It's all on the best of the
country and it's brought to you by Rabobank.
Speaker 2 (01:48):
So a list it does the best of the country
with Rabobank. Choose the bank with a huge network of
progressive farming clients.
Speaker 1 (01:56):
Rabobank.
Speaker 3 (01:57):
Mike Peterson, Chair of Scales Core Operation. These days, as
I said, former chair of Beef and Lamb New Zealand
Special Agricultural Trade Envoy has worn many hats, still wears
many hats in New Zealand agriculture. Hey Mike, a big
announcement from Scales yesterday. You're doing very well. My scale
shares a nearly worth five bucks thanks to you and
Andrew Borland.
Speaker 4 (02:20):
Well, you know we're very pleased that your small investment
is progressing well.
Speaker 3 (02:24):
Very small investment. I wouldn't mind some Fonterra shares at
the moment they're at six bucks.
Speaker 4 (02:30):
Well, and he's equally being a Fonterra dairy farmer is
going to deliver a pretty good return in some stage
by the end of the year. So you're right, Jamie.
Look there's a lot of buoyancy around at the moment.
And look, we're pretty pleased with the way Scales Corporation
is taking along a really good result in horticulture, our
pet food ingredients business is nice and steady, and our
(02:51):
logistics business links at all in so it's been a
very very solid first six months. We're pretty happy. But look,
it's not just me and Andy Bolland there's a team
of people and a whole lot of really good people
working in the business that's delivering these results.
Speaker 3 (03:06):
Now you're vicariously sort of taking credit for what Fonterra
is doing. Now you reckon they're following the blueprint set
by Scales.
Speaker 4 (03:14):
Well, we actually have, particularly in our pit food ingredients business,
we are ingredient supplies to pitt food manufacturers, and I
guess there are some parallels with Fonterra because we've made
the decision not to compete against our customers and we
think that's a far better place to be for us.
We supply the big pet food manufacturers in the world
(03:37):
like Mars and Nesle and even ze Wee likes of
Zee here in New Zealand, but we don't sell retail
brand pet food, and we think that's a really good
place to be and it certainly gives you a really
strong partnership between yourself as an ingredient supplier in the
manufacturer that's selling to consumers.
Speaker 3 (03:56):
And that's exactly where Fonterra is heading by getting rid
of it conscum brands and just being in the ingredients business.
How much of the scales portfolio is out and out horticulture.
Speaker 4 (04:11):
Our horticulture business is a significant part of the business,
but we sort of have a couple of aspects to this.
Horticulture is quite set heavy, and then the pet food
ingredients business is light, so there's more capital tied up
in horticulture. The return on capital invested in horticulture is
lower than pet food and logistics. But we see ourselves
(04:34):
as a diversified fund in the air grabusiness space, and
we're always looking for opportunities to grow and expand within
our grabusiness. But it's a different model. We think it
helps the investors by having three leaks to that stall.
Speaker 3 (04:51):
How positive is or our apples at the moment.
Speaker 4 (04:55):
It's pretty exciting. Having said that, it has been pretty
challenging over the last years, and we only need to
look back to twenty twenty three recycling Gabrielle with Hawk's Bay,
where most of the apples in New Zealand are grown.
It was a pretty tough time and it has been
challenging with the cost of labor going up, and it's
been particularly hard I think for some of the smaller
(05:17):
grows just to keep their orchards viable. But last season
was it was a very good crop, excellent growing conditions
with good fruit size, and it's actually paid off well
in the market. There's still a portion of the crop
to sell, but we've got really good demand through particularly Asia,
through the Middle East and hopefully to India shortly for
(05:41):
our apples. They are highly sought after and we're pretty
excited by what's ahead of us.
Speaker 3 (05:45):
You're still paying a tariff to get into India.
Speaker 4 (05:49):
Yes, fifty percent tariff there Jamian. Hence we've been pretty
active at working with the government to progress that free
trade agreement, and look, we're really hopeful we can get
and relief there because the Indian market would be a
huge opportunity for us with apples. Likewise, if we managed
to open up South Korea, which we effectively can't get
(06:10):
access to, and made it easier to get to Japan,
those three markets alone would transform the apple sect overnight.
Speaker 3 (06:17):
You're born and bred in Central hawks Bay. I know
you missed out on your big rue Tanifa water scheme.
You're looking at another one. Would that open up all
that area for horticulture? Would that be a good apple
growing region?
Speaker 4 (06:31):
Absolutely, Jamie. And I'm part of the group that's actually
driving the Tookie Tookie Water Security project, and that is
about providing the opportunity for high value food production and processing,
particularly in the retanna for planes and right down the
length of the Tookiokie River. And there's no doubt, Jamie.
The reality is if you wanted to put an orchard
(06:52):
in place in the Rottanna for planes right now, you
could not do it if you haven't got access to
a water consent and exist and consent. There are no
new consents being issued. The catchment is overallocated and hence
our desire to try and store some water before it
flows to the sea so we can actually provide water
when it's required.
Speaker 3 (07:13):
Are your days, because you are a former chair of
Beef and Lamb New Zealand, are your days on the
lambing beat now done? Mike Peterson? That is past tense
in your life.
Speaker 4 (07:22):
That is past tense, Jamie. I have to admit that
there's past tense. And it's a beautiful day in Hawk's
Bay today, and I know that there are going to
be a lot of people out there enjoying this weather.
But Hawks Bay, you know, we're probably reasonably dry at
the moment, and I think there's a bit of a
country that's just getting a wee bit nervous about what
the spring's going to hold. So it's been great lemming
(07:44):
weather that there's been a really good drop of lambs
on the ground, and look, I think that's really great
for farmers. But I think people are still looking for
a bit more rain before spring comes.
Speaker 3 (07:55):
I was doing a thing with Shane Jones on Friday
night and I was in his there the whole night.
We've got to build some more dams. He's up for that,
and he's got to build some more four lane highways
that'll make New Zealand great again.
Speaker 5 (08:06):
Mike absolutely, Jamie and we have been talking to Minster
Jones and look he's a strong advocate and supporter of
what we're trying to do here, so and look he
just wants to get on with it and it's refreshing
to see.
Speaker 3 (08:22):
Mike Patterson. I'm the Best of the Country, brought to
you by Rabobank. My name is Jamie McKay. You'll hear
from Shane Jones later in the hour. Up next Stephan
Vogel out of Australia, where our interest in exchange rates going.
Jane Smith on a North Otago farm with Damian O'Connor
and Mark Leslie, the bloke who's running the biggest farm
in the country. It's all on the best of the country.
Speaker 2 (08:47):
The best of the country with Robbobank the bank, with
local agri banking experts passionate about the future of rural communities.
Speaker 3 (08:55):
Rubbobank always enjoy catching up with this man on the
country because he's a smart man. And you don't get
to be the RABO Research GM for Australia and New
Zealand no less unless you are quite a smart blog
Stefan Vogel joins us out of Oz. Stephan, I want
to start with the exchange rate and interest rates. Of course,
(09:16):
here in New Zealand. Last week we had the Reserve
Bank dropping the OCR to three percent. Interestingly, they signaled
another two drops to get it down to two and
a half percent. What are you guys at rabobanks saying, Look, you.
Speaker 6 (09:31):
Already summarized it nicely and if you look at the
wording that we have seen in coming out of the
meetings there, it actually signaled to the market that it
wasn't a matter of Shelby cut or Shelby not cut,
but it was a matter of Shelby cut twenty five
or fifty and when do we do the next one.
So the market obviously is already pricing in another twenty
(09:52):
five basis points towards the end of this year that
will be cut and another twenty five or so to
be cut in the first half of next year. And
that's all good news for the consumers over in New Zealand,
I think. So as a German, I'm trying to be
positive and today I think will be a call of
a lot of good news for those who look at
(10:12):
the input cost site.
Speaker 3 (10:13):
Are you telling me that Germans aren't positive? I know
you're not generally humorous, Stey found, but you.
Speaker 1 (10:18):
Ah tough on you.
Speaker 6 (10:20):
I don't want to be general, but I can only
talk about myself. So I'm trying to be positive these days.
Speaker 7 (10:27):
So obviously, in a world.
Speaker 6 (10:29):
Where we have to find through tougher trading times, I
think for our businesses there is a lot good news
also still on the horizon. So I said, the interest
rate is one and if you look at the impact
this has because obviously not only here in New Zealand,
a lot has happened in the meetings there of the
Central Bank. But if you look into the US, obviously
(10:50):
mister Trump is trying to fire the Governor Cook and
she's refusing to leave office, and so we have a
battle there ongoing, and it's obviously something that impacts the
exchange rate quite a bit, because for US in Australia
and New Zealand, the US dollar is just a very
important currency. So if we're looking at where we've been,
(11:12):
we've been actually rather weak following the cuts we had
in New Zealand here with a currency, and now with
the turmoil in the US, it's balancing slightly higher, but
overall we're still well below sixty cents to the US dollar,
and that's I think good for the export market because
it just brings a little bit more extra New Zealand
dollars into our pockets when we sell our products in
(11:34):
the global market in the US.
Speaker 3 (11:35):
Dollars absolutely fifty eight and a half when I had
a look this morning at might have updated since then,
but that's a very export friendly exchange right for US.
Speaker 6 (11:45):
Absolutely, it helps us there. It may make our imports
a little bit more expensive, but that level I think
is a good and healthy one. But we can't just
think that, oh, it's going to stay there. We have
seen that the exchange rate is what we call a
shock absorb in these times. Whenever there's a hit to
the economy, whenever there's a big Trump blow against China,
(12:07):
against any other country, we see the exchange rate taking
the shock a little bit and absorbing it and moving
quite a bit. So we're still expecting that there could
be a turnaround of that interest rate as sorry of
that FX, and we may move towards the sixty level
bother soon again. But there is quite a bit of
a volatility in the market going forward and for now,
(12:29):
as you said, good for the exporters, Well, I'm.
Speaker 3 (12:31):
Sure we could live with the sixty USC in exchange right,
sort of pick you up on a comment you made
away bit earlier about the perhaps two more drops in
the OCA. Commentators are here are saying those two right
drops would or could happen before Christmas. You're calling one
between now on the end of the year and one
on the new year.
Speaker 6 (12:52):
Yeah, so I'm referring to what I see in the
market and the forward curve of the swaps basically, so
that's where we are. But you're right, there could be
even a of either fifty busis points this year or
two cuts of twenty five. So with the latest comments,
I think everybody gets a gets a little bit more
(13:12):
excited about a further drop in the interest rate in
New Zealand.
Speaker 3 (13:16):
Stephan Vogel with this Rabo research GM for Australia and
New Zealand. If you're sitting out there on your farm
and you've got a big mortgage to Rabobank of course, Stefan,
and it's about to come off a fixed rate, what
do you do at the moment? Do you just roll
on floating? Do you ride the floating train down or
do you take some short action. I don't know six
(13:37):
or twelve months.
Speaker 6 (13:39):
Look, I don't want to give anybody an advice without
knowing their circumstances. But overall, I think for many of
us who have a mortgage, it is a good thing
if the interest rates comes down. And the question is
what does it do to your business if we would
soar in these interest rates? So right now the market
doesn't call it, but the market has been wrong in
(14:00):
the past, and that's kind of where I think the
risk assessment of everybody needs to kick in and we
need to think, well, are we happy if we lock
in something at this rate or do we want to
think it may drop further. But we've seen it also
on the way up, a lot of people were called
caught a little bit off guard by the point in
time that the writing was on the wall that we
(14:22):
see interest rates increasing. When we went into that up cycle,
it was already too late to log in rate. So
that I think everybody needs to take their own decisions
about what is good for their farm and what is
not good for their farm, to make sure that we
cover some of the risks, because at the end of
the day. It's not only that part, it's also the
cost on farm that we need to monitor. Obviously, fertilizers
(14:45):
are still expensive. Fuel is volatile in these days as
well when we look at the geopolitics and feed grain
is maybe one of those that brings us a little
bit of good news.
Speaker 3 (14:56):
Stefan Vargel, Rabbi Bank out of Australia. Thanks to you, Tom,
always good to catch up. Appreciate it. And you know
I was only joking about Germans not having a sense
of humor.
Speaker 6 (15:04):
See how later I know that we can always joke
about it. Thank you.
Speaker 1 (15:09):
The best of the country with Rubbobank.
Speaker 2 (15:11):
Choose the bank with one hundred and twenty years global
agribusiness experience.
Speaker 1 (15:15):
Grow with Rubbobank.
Speaker 3 (15:17):
We love your feedback here on the country, especially when
you send us a nice farming pick. I got one
a couple of days ago from our next guest. It
looked like something from the pages of Woman's Weekly or
the Woman's Weekly. Man and woman, arm and arm standing
on the farm. Quite beautiful and picturesque. Let's welcome the
female part of the component onto the show. Jane Smith,
(15:40):
north Otago farmer and a former owner of the balance
farm environment towards The only problem is in the photo, Jane.
It's not your hubby Blair, it's Damian O'Connor. Have you
two kissed and made up?
Speaker 8 (15:52):
Good afternoon, Jamie. Yeah, it was quite the photo, wasn't it.
So next, let's taken on Damien spine. And who would
have thought, Jamie, who would have thought this, you know,
six or twelve months ago that I'd be welcoming Jamien
into onto the farm, you know, scones in hand and
for a cup of tea. But look, you know, I
often think time spent was those that may have opposing
(16:12):
views is a lot more valuable than an agreement session.
And I've matured a lot in my political allegiances, I guess,
And I care not for the color of the political
rosette that you wear, but for the best outcomes for
our country and our countryside, Jamie. And this was this
was part of it. And Damien was keen to you know,
he has to pick a come up, and I said bare,
and I said yes. And Blair was here as a
mediator that wasn't needed at all, actually, And I do
(16:34):
like about one thing I really like about Damien is
if he disagrees with you, he'll tell you straight up,
and because there's nothing worse than sort of a vanilla
sort of vanilla tones and sort of simply appeasing you
because it's the easiest.
Speaker 9 (16:46):
Thing to do.
Speaker 8 (16:46):
And what if Muhammed Gardhi say, honest disagreement is often
a sign of good progress, Jamie, And you know that's
that's where Jamie and I have got to Yeah, does.
Speaker 3 (16:55):
He realize that you, in the past and on the
show have called him an inverted Commas wormy weather.
Speaker 8 (17:02):
Yeah, well it's been well out in the open, Jamian.
He didn't actually ask me to apologize for that, and
you know at that time, and I was pretty straight
up with him. You know, between twenty seventeen and twenty
twenty three, we had a constant barrage of submissions that
we had to put in. You know, business owners around
the country, whether you're farming or manufacturing, or mining or
fisheries were hunted down by the labor of Green's government
(17:23):
and framed, you know, without trials. So you know, hundreds
of hours were put into submissions. And one thing I
did talk about was, you know, let's have the submission
process before regulation, not afterwards. And give those that are
most affected by it involved up front that it's the
most efficient and effective way, and you know everybody wants,
including taxpayers, because it saves the hell of a lot
(17:43):
of money too. So you know, we really we put that,
you know, drew a line under that, I guess, and
hopefully onwards and upward. And I know it's really easy
when you're in the opposition to be you know, quite congenial.
Speaker 4 (17:55):
But we had, yeah, a lot of.
Speaker 8 (17:57):
Discussions around you know, things like pasture rays, the fact
that you know, we're not really pushing that far enough.
G free has never been pushed beyond sort of a
background noise, and you know, these are key tenets of
our unique pasture propositions in New Zealands, and we've jumped
straight to the biotech lab and he was very he
absolutely agrees with that. So you know, that's something I
want to see Damien champion championing over the next couple
(18:19):
of years, and as well as you know, the holes
in the moment at the moment in the carb and
forestry scenario, and I know the Windham Warrior, Dean Rabbage,
has been quite vocal on this in the last couple
of days but you know that Class seven and eighth
land still very concerned about that. That is, you know,
literally the breeding ground for our youth and our cows
(18:40):
that produce the carbs and the lambs that are getting
such great prices around the world at the moment, Jamie,
and also the guardians of the two point six million
hectares of native biodiversity, and so they seem to still
think that that sort of an expensable figure on a spreadsheet.
These are real communities and those you know, they really
needs to be a tightening down of that because it's
(19:00):
still happening in those classes of land, Jamie.
Speaker 3 (19:02):
So in your Woman's Weekly photo shoot with Dami and
O'Connor on the North Otago farm, were you cuddling up
to him sort of to get us political smarts. Now
that you are kicking off your own political career, Jane Smith,
you're standing for the position of South Island Director for Ravenstown,
which is interesting because when I first met you many
many years ago down on Southland, you were working for
(19:24):
Ravenstown as a field rap.
Speaker 8 (19:26):
Yeah, that's right, Jamie, and I've been sort of approached
by a number of farmers over the past few years
to stand and I just probably had enough that I
was juggling at the time. But I think I'm particularly
interested in the fertilizer sector at the moment because over
the next you know, two to two to five to
ten years, is it going to be a really challenging
I guess time for the fertilizer sector in the pastoral
(19:47):
and an arable sector as well in horticulture. And I
guess I just see that possibly I've got some strengths
that I could put around the table, and actually that's
it's a company that I'm really passionate about, and I
guess I do have a forthright around the board table.
I think Blair describes me yesterday as a cross between
Margaret Thatcher and Angela Merkel. I hope he was meeting
(20:07):
my boardroom demeanor, not my appearance, Jamie. He might need
and I mind me both actually, but you know, I
take no prisoners. But those that have worked around with
me around the table would actually say I am forthright
but collaborative.
Speaker 4 (20:18):
Well, I hope they would.
Speaker 8 (20:19):
But you know, the combination of my Scottish and German
genes mean I'm absolutely focused on efficiency and effectiveness, and
I think our fertilizer seeker absolutely needs it at the moment, Jamie.
So again, I just encourage people to vote, not necessarily
for me. I'm not everybody's cup of tea, but you know,
voting and using that right to vote, because I think
generally the voter turnout, especially when returns are pretty good
(20:41):
in the sector, tend to be pretty low. And actually
we need to be really super sharp on the way
forward and the sector, and you know I want to
be part of that, Jennie.
Speaker 3 (20:50):
Let me just finish with happenings in the meat industry
at the moment. I know that you're not an Alliance
Group supplier, but what do you make of what's happening
re the Dawn Meat? It's what are they going to
spend two hundred and fifty million dollars? Look at my
numbers to get.
Speaker 4 (21:04):
What is it?
Speaker 3 (21:05):
Sixty five percent of the Alliance Group. And I know
there's moves a foot from some of the biggest shareholders
in Alliance to try and revisit this. They want to
keep control of one hundred percent farmer co op. Is
that practical these days for the meat industry?
Speaker 8 (21:20):
Yeah, Well, it's interesting, Jamie and I share their everybody's
disappointment and the value offered to that stake and Alliance
and it certainly doesn't know none of us actually solves
any of our structural issues that we have in our sector.
And it seems to be a very much alike at
all Lumpet. So there's no Plan B or C. And
it would have been great to see sort of a
bit of a bit more dynamic options in there. And
(21:41):
it feels like that, you know, they are getting painted
into a corner. That said, it's also sounds like Dawn
makes it a very highly successful, very progressive company. I've
heard that from my Irish farming friends, and you know,
they might give a really fresh perspective into the sector.
And there obviously after that New Zealand province and they're
all year round supply and that food security, which is
(22:03):
obviously what everybody wants globally at the moment. So whether
there's a balance there in terms of in terms of
percentage of takeover and and you know, there's good that
that shoeholders are really getting involved there, but I guess
it like all co ops and Alliance and now fertilizer
companies are no different. We've got to really look at
what does a co op mean? And that's you know,
(22:24):
it feels like we need to go back to first
principles because we tend to hang on to that when
instead of actually just unpacking it and thinking what does
it mean? And you talk to a lot of sub
thirty year old farmers out there at the moment, and
they say they just want a really dynamic company that
pays a good price and they can get you know,
Surety of Kurl, et cetera like that, and they're doing
some great things globally. So it's a balance, Jamie, isn't it.
(22:45):
So it'll be really interesting over the next few months.
And again I think it's worth fighting for. But it's
also worth having that injection into the into the set
to Jamie.
Speaker 3 (22:54):
Okay, Jane Smith, thanks for your tom good luck in
the Ravens down direct the race, and good luck to
all the candidates. Can can we post your photo your
woman's weekly photo shoot with Damien on their website?
Speaker 8 (23:04):
You might have a hat as Damien. It was taken
on his phone, Jamie and he yeah, I don't know whether.
Speaker 3 (23:08):
Hell he's public property. And well done to Blair. A
cross between Maggie Thatcher and Angela Merkele, maybe not a
mile away. Thanks Jane, go on for you the best
of the Country with Rabobank. Choose the bank with a
huge network of progressive farming clients. Rabobank Get a New Zealand.
(23:30):
Welcome back to the Best of the Country right around
the country. The show's brought to you each and every
Saturday morning here on News Talk, said b by Rabobank.
We're growing a better New Zealand together. I'm Jamie McKay.
This is the best bits of our weekdays show twelve
to one. Up next on the Best of the Country,
Mark Leslie, chief executive of PAMU. They came out with
(23:51):
a pretty big result, did New Zealand's biggest farming operation.
And Shane Jones, the Prince of the province, is self
titled Martua Shane Minister of digging it Up, up and
damning it up. He's been distinc fishing, get it right
out the dosh on the East coasts. This week we'll
talk to him about that and other stuff. Now talking
(24:11):
about Rabobank. You can save with the bank that uses
one hundred percent of your deposits to help fund and
support New Zealand agribusiness multiple savings options. You can not
only grow your savings but help grow the country as well.
Go to rabobank dot co dot Nz to find out
about some of those wonderful rates and Rabobank I'll give
(24:32):
him a pat on the back here. They've recently signed
a new sponsorship agreement to become the lead sponsor of
catchment collective at Rower. As a part of this new agreement,
Rabobank will provide a catchment collective aart Rower, with an
initial one hundred k in funding, as well as looking
how its people can get involved in their local areas
(24:53):
looking after the catchments on our wonderful country. This is
the best of the country. Up next, Mark Leslie from Palmu.
Speaker 2 (25:06):
The best of the country with Robobank, the bank with
local agribanking experts passionate about the future of rural communities.
Speaker 1 (25:13):
Robbobank Today's big news story.
Speaker 3 (25:16):
New Zealand's biggest farmer has come up with a record result. Palmu,
the artist formerly known as land Corp.
Speaker 1 (25:23):
Look at this.
Speaker 3 (25:24):
A net operating profit up one hundred and forty five percent,
net profit after tax up five hundred and sixty one percent,
a seven point three percent return on equity income three
hundred and forty eight million, up twenty three percent, livestock
revenue one hundred and forty million thirty six million more
(25:45):
than the year before, and milk revenue similar story. Mark
Leslie is the chief executive of Palmu or was winstant
making you guys call yourself land Corp these days? Mark,
congratulations on the result by the way.
Speaker 7 (26:00):
Thanks Jamie, Palming, Landcork all fine with me. No, it
has been good to get that result out there and
it recognizes all the hardware our farm teams do every
day out there, but also really starting to see the
fruits of the labor around getting the new team in
pace and getting really back to those basics around focusing
on core farming principles.
Speaker 3 (26:19):
You've faced a lot of heat for heading down the
wrong track farming wise. I guess this has this silenced
the critics.
Speaker 7 (26:28):
I think this should go a long way to start
that Jimmy, Jamie in terms of I think for me positively,
as you talked about the livestock revenue up to thirty
six million, yes, strong strong pricing has supported that as
all agriculture is seen. But equally we've had a twenty
per cent uplift in farm production, So a good combination
of driving that farm performance as well as the uplift
(26:51):
and pricing, and I think positively looking to the year
we're now in signaling another improved performance sort of currently
talking about anough of six ninety nine million dollars. So
really positive to be able to set that journey in
motion and see the results coming through and seeing some
really positive outlook for the next two years.
Speaker 3 (27:10):
So Mark Leslie, Chief Executive of Palmu Landcorp. I'm still
confused on that one. What's turned the ship around?
Speaker 7 (27:17):
Yeah, and I think a lot of things Jamie in
my time now he had gone three years, We've brought
in fresh leadership and really focused back on the basics
of core farming and improving efficiency to that. So that's
that's been the real focus of the last few years.
As you and your listeners will know, farming systems don't
change overnight. We've made a number of changes in our
(27:38):
dairy operations, in our livestock operations, and that is what
we're now starting to see come through in terms of
the productivity improvements that are driving this year's this year's performance.
But equally as we saw in the results of the year.
Speaker 3 (27:50):
Have just done You were accused of being too woke
and getting off track. Have you sorted all that out?
Speaker 7 (27:57):
I think we're well on track in terms of the
core farming principles, absolutely, And if you look at some
of the numbers in there about Lambing percentages around getting
gary cow six week in calf right, which we're now
seeing the benefit of that in the season we're now in,
we're sitting seventeen percent up on milk production for the year.
So note we are well onto a focus on productivity.
Speaker 3 (28:19):
Well to give credit to Land Corp lambing percentage one
hundred and thirty five percent above the industry average of
one hundred and twenty nine percent. It would be remissive me,
Mark Leslie not to talk to you about Molesworth, Wilding
Pines and my old school rugby mate Jim Ward. What
went on there or is that still the subject of
a court case?
Speaker 4 (28:41):
No.
Speaker 7 (28:41):
I think if you look for our broader Palm network
of farms, we have changes at farm manager level right
across the network. And I think if you look at
Molesworth and that specific example, we've had a long period
of time of a lot of uncertainly on that property.
In terms of extension of leases. The lease has been
extended out up to June twenty twenty sixth. Again, that uncertainty,
(29:04):
the uncertainty of how the farm was going to be
farmed from a what livestock, how many livestock you could carry?
That uncertainty is created uncertainty in the minds of those
who have all been involved. So it's an unfortunate circumstances
that's occurred.
Speaker 3 (29:19):
Let's just look at the wilding pines at Molesworth. It's
a real issue. Reports suggest that was one of the
reasons why Jim Ward left. But I'll put that to
one side, and I'm not going to talk to you
about planting pine trees on Molesworth Station. It's our biggest
farm in the country. You're not going to hand over
the ownership to Dock and let them plant the whole
(29:41):
lot of trees, are you?
Speaker 2 (29:43):
No?
Speaker 7 (29:43):
I think to be clear on Molesert from our perspective,
we are the lease the of it. It is Department
of Conservation who are the owner of it. They, as
I understand, will be making the announcement soon around the
future terms and conditions of how that will be paraded.
So as you said right up front. Wading pines are
(30:03):
on an nursue there and the widen conn of for
control programmers had a heavy focus in that area. That's
the teams on the ground have supported as part of that. Equally, unfortunately,
there was probably some confusion created about the potential of
planting forestry in there. But that's that's not a decision
that sits in my hands.
Speaker 3 (30:22):
Most of Molesworth would be too high for plantation, forestry
or carbon farming wild it.
Speaker 7 (30:27):
Yeah, I think there be, there'd be a lot of it.
There would be challenging to plant plant forestry in absolutely,
and I think that's there. So that's not our decision
to make well, not my decision to make well.
Speaker 3 (30:37):
Doc han't exactly got the greatest track record when it
comes to keeping land free of gorse and broom.
Speaker 7 (30:44):
Yeah, I think that's It's not something I'm going to
comment on, Jamie.
Speaker 4 (30:47):
It's not.
Speaker 7 (30:48):
It's not my decision to make I'm going to I'm
going to go back to where I started. Our focus
is on is managing the farms and running the farms
that I have control over and making sure we do
that as well as we can every day.
Speaker 3 (30:57):
So seven point three percent return on equity. What sort
of dividend are you paying the government on that?
Speaker 7 (31:03):
So we'll pay a dividend of fifteen million dollars this
year to the crown. So that's a big step up.
If you look back over the last ten years we've
played thirty two million dollars in total. Then we've got
two proposed dividend payments in the next two years as well.
So no, a really positive step up in terms of
returning return back to our owner.
Speaker 3 (31:22):
Mind you, fifteen million isn't a huge dividend when I
look at the asset base of land Court Parmu.
Speaker 7 (31:29):
Yeah, I think and remembering dividend as part of it
that you made the point earlier on about the seven
point three percent return on equity part of that then
get has been reinvested as we look at integrating production
forestry into our farms, as we look at where horticulture integrates,
and supporting our continued drive to actually improve the performance.
So again to some areas will continue to look to
(31:51):
improve so we can deliver the an ongoing stadable profit
that we've done this year, we'll be looking to do
in the EPP.
Speaker 3 (31:57):
Well, I know I've been a bit tough on you
in the past, but I've to credit where credits due.
This is a good result and it looks like the
financial year twenty six is even going to be better.
Good luck keeping a land corp on the straight and narrow.
Speaker 7 (32:09):
Thanks dam you always appreciate it, and i'd always also
acknowledge the teams that are out on the ground. They
cops the same criticism, but they are doing the harmerkey
every day, so it's nice to be to acknowledge them
in terms of the results as well.
Speaker 1 (32:20):
The best of the country with Rubbobank.
Speaker 2 (32:23):
Choose the bank with one hundred and twenty years global
agribusiness experience.
Speaker 1 (32:27):
Grow with Rubbobank.
Speaker 3 (32:29):
Here's the self titled Prince of the Province's Martua. Shane
Jones enjoyed his company last Friday and Tapoki. We'll come
back to that one, Shane Jones. But you have been
playing Santa Claus on the east coast.
Speaker 9 (32:40):
Good afternoon, ho ho ho, Father Christmas has been down
to wide autumn kisban no look mate, there's a lot
of good soil there. Climate and working through the Rift
Fund with landowners helping them to embed some water storage
on the land. I mean, let's face it, in all
the biggest employers, the freezing works, and we need to
(33:05):
basically boost the productivity of that land. And if it
takes a bit of investment for water storage and create
a new line of exports and some new sort of
remedies to get rid of the unemployment bogie, why not.
Speaker 3 (33:19):
Now the RIFF fund that you were talking about is
the Regional Infrastructure Fund? Is this kind of like the
provincial growth Fund and drag You remember the Provincial Growth
Fund shame. We used to run around the country as
Santa Claus and handing out money to all sorts of
wastes and strays.
Speaker 9 (33:37):
I recall a certain group of South Islanders who raced
to the front of the queue to ensure that they
got their liquor of the cherry. So at the time,
no one was complaining. But of course as time has
gone on, different projects turn out and not quite the
way we originally envisaged, but the vast majority of them
(33:58):
they served their purpose. And the RIFF Fund, as I
announced yesterday in Gisban and in Wideaw, works with landowners,
works with councils, and it's got to focus on infrastructure
because as you know, I believe that the great opportunity
in New Zealand is for more water, not just about
red tape, but growers, farmers and users of land. They
(34:20):
need reliable access to water, and Lord knows that paus
and enormous quantities here in New Zealand. It's just that
the government has been a bit cherry recently about unwriting
some of those projects, which is why I'm very happy
to say that they're both in the South Island and
arguably will be developed in Gisbane and wide or as well.
Speaker 3 (34:41):
Well, you can't beat a dam. I love dams and
tall buildings and adding to my list of loves Shane
Jones's four lane highways. Of course, you and I went
on one when we went out to Tapoki last Friday.
I love the one from Auckland down to the Waikato region.
We need more of those, I reckon. If we had
better mobile coverage in this country, better broadband and more
(35:04):
four lane highways, that would be happy days. We would
get the economy moving.
Speaker 9 (35:08):
What do you reckon, Well, the best way to ensure
that that's delivered is to toally with changing the government.
Because my colleagues on parliamentary colleagues on the other side
of the house. They have these heretical views that we
don't need roads, which suggest to me they've yet to
catch up with the discovery of the wheel. But no,
we're going to have a four lane highway game north
(35:30):
as well. It'll be told. I think a trick was
missed when John Key refused to toll the gold Golden
Triangle four lane highway down and around Hamilton and Cambridge.
And yet the one we've got going into Northland sadly
requires you to pay a toll every time you go
backwards and Fords and I suspect a similar thing will
(35:51):
be visited upon Totdowner as well.
Speaker 3 (35:53):
Mind you, if you're going to get there more quickly
and more cheaply in terms of fuel and all that
sort of stuff, why not pay a toll. It's the
only way to fund roading.
Speaker 9 (36:02):
Yeah, I mean exactly, it's a trade off. We're either
going to continue to put taxes up and don't like
that idea all, we're going to go to an electronic
system of extending how we pay for diesel miles. At
the moment that's got some tricking us to it, which
is why no doubt Chris Bishop is taking us time
to perfect that system. But no, no, no, I improved highways,
(36:26):
improved roads, improved infrastructure. I mean, look, I don't want
to live in any pygmy economy. Now, we're going to
keep the people of New Zealand comfortable and secures to
grow our economy, and whether it's from mining, fishing, growing things, farming,
we should be messly expanding the size of our economic footprint.
That's why I break up every morning hoping to achieve.
Speaker 3 (36:48):
Well, you are the Minister of digging it up and
damning it up. Karen Williams from Irrigation New Zealand was
on the show yesterday and she was hinting that you
had some I mean you've talked about a couple of
water storage projects Shane Jones, but she was hinting that
you had something big. Come on, tell me you're going
to build a kick us dam somewhere in this country.
Speaker 9 (37:06):
Hawk's Bay is uppermost in our mind. It's in the
fast track. We've allocated some initial money. There are naysayers. However,
it's time for us look over the naysayers with harsh
economic reality, worth changing, climate changing situations in terms of
the distribution of opportunity for turning Mother Nature's bounty into wealth.
(37:31):
Is going to need water to do that. However, it's
got to go through the fast track. I can tell
you we have the opportunity to govern again. We'll ensure
that the Crown helps derik these water storage and irrigation
plans because we have got to exploit our natural advantages.
Ensure that it's not compromised by shrillness or hysteria to
(37:52):
do with some change.
Speaker 3 (37:53):
Well, you tell that to Chloe. And while you're talking
to Chloe, tell Julianne that you were going to build
some four lane highways. That'll get her excited. Hey, Shane Jones,
thanks for your time. Congratulations on a great evening in
to Pooky last Friday, giving freely of your time for
a great cause.
Speaker 4 (38:09):
See you guys.
Speaker 9 (38:10):
Bye.
Speaker 2 (38:11):
The best of the country with Rabobank. Choose the bank
with a huge network of progressive farming clients. Rabobank last the.
Speaker 3 (38:20):
Farm, should have stayed on the farm, should have listened
to my old man. That probably applies to Shane Jones
and myself. I'm Jamie McKay. This is the best of
the country. It's brought to you by Rabobank. We're growing
a better New Zealand together. I'm completely out of time.
I'm going to leave you with my favorite olt In
John song you've already heard from Alton and Juwa Lipa.
(38:42):
I've only got one thing to say to you New Zealand,
or to use Southlanders like myself former Southlander in my case,
go the stags, bring back the lag Award.
Speaker 7 (39:00):
Cow.
Speaker 1 (39:02):
You can't blame me. I'm doing night.
Speaker 4 (39:07):
To night down.
Speaker 1 (39:10):
Bank.
Speaker 8 (39:10):
You I.
Speaker 6 (39:14):
Haf an tonside my July.
Speaker 7 (39:41):
What do you think you'll do that?
Speaker 3 (39:45):
I let the sheet down the plane.
Speaker 9 (39:49):
You're gonna take you a cow.
Speaker 1 (39:51):
Live your town to set you on your feet again.
Speaker 3 (39:58):
Maybe replay it's fund standing like me to be found
my roads.
Speaker 6 (40:07):
Dude, ain't got.
Speaker 1 (40:08):
A plant, specially proteast.
Speaker 3 (40:11):
It's like I'm.
Speaker 1 (40:25):
So cattle the road were the docks at society?
Speaker 5 (40:31):
To how.
Speaker 7 (40:33):
The cat.
Speaker 1 (40:38):
Back to
Speaker 4 (40:46):
I the home in my tow aside my future beyond
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