CONFIDENTIAL
HKC / SI
sılı
(314
041431 MDLIAN 7356
CONFIDENTIAL
FM HONG KONG
TO PRIORITY FCO
TELNO 3817
OF 17094OZ NOVEMBER 89
INFO PRIORITY HKGO LONDON
309
TOP COPY Q DIST ?
306
OUR TELNOS 3706 AND PARA. 3 OF YOUR TELNO 2246: HONG KONG AND THE IVORY TRADE
HONG KONG TRADERS HAD SOME 670 TONNES OF RAW AND WORKED IVORY STOCKS VALUED AT ABOUT HKD 1000 MILLION BEFORE THE LAUSANNE CONFERENCE. AS THE MAJOR MARKETS (JAPAN, USA AND EC) HAVE BANNED THE IMPORTS OF IVORY SINCE JUNE 1989 AND WE DO NOT HAVE A LARGE DOMESTIC MARKET, HONG KONG TRADERS FACE EXTREME DIFFICULTY IN SELLING THEIR STOCKS. THERE HAVE BEEN NO (NO) SIGNS OF HONG KONG TRADERS EXPORTING THEIR STOCKS IN LARGE QUANTITIES. TRADERS ARE ASKING FOR A LONGER GRACE PERIOD FOR THEM TO DISPOSE OF STOCKS IN AN ORDERLY WAY. WE CANNOT SAY WHAT QUANTITY AND VALUE OF STOCKS ARE LIKELY TO REMAIN UNSOLD AT EXPIRY OF THE
90 DAY GRACE PERIOD.
2.
WE ESTIMATE THAT THE COST OF RETRAINING THOSE EMPLOYED IN THE IVORY TRADE COULD AMOUNT TO HKD TEN MILLION THOUGH THIS WILL DEPEND ON THE WORKERS' RESPONSE TO THE TRAINING PROGRAMME.
3
THE QUESTION OF HONG KONG'S CONTRIBUTION TO AN INTERNATIONAL ''BUY-OUT'' FUND IS COVERED IN PARA. 4 OF OUR TELNO 3696.
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CONFIDENTIAL