3. The argument against allowing the existing stocks to be traded is that it will offer an obvious loop-hole through which poached ivory can continue to reach the market. There is considerable scepticism about the effectiveness of the Hong Kong authorities' control systems, despite their undoubted good intentions and the improvements effected in the last couple of years. The mood of the Conference is strongly against Hong Kong and our European partners will all vote against them. For us to stand apart and abstain will be seen as undermining our commitment to a complete trade ban and will tarnish the good work we have done in taking the lead in pressing for one.