The international ban on shooting black rhino has just been lifted. At its latest conference in Bangkok, the Convention on International Trade in Endangered Species (CITES), agreed to permit South Africa and Namibia to licence a limited amount of trophy hunting.

As we argued in Around The World in 80 Ideas, allowing well-heeled sharp shooters to track and kill a limited number of big game, such as rhino, should lead to a rejuvenation in the total population. How is this so?

In the past, the problem has been that no one has any property right to wildlife, such as black rhino. Consequently, they are often seen as little more than huge pests by local people. What is more, if they can make substantial amounts of money from poaching, for ivory or hides, then the wild population is likely to tumble. This is precisely what has happened with rhino in many parts of Africa.

The CITES decision to allow the annual killing of five black rhino in both Namibia and South Africa, should help with the conservation of the species. Licences will only be issued for older animals, well past breeding age.

Wealthy sportsmen are prepared to pay as much as £140,000 a time for the privilige of shooting a mature rhino. This money can be used to protect the wildlife population, and make it a sustainable resource. As the delegates from Southern Africa explained at the CITES conference, creating an economic incentive should both preserve and extend the rhino's habitat.

A similar policy might well help other endangered species, such as the tiger, whose numbers in the wild, according to recent press accounts are plumetting (see Sunday Telegraph, 'Western tourists to blame for slaughter of endangered tiger') .

Creating a market in wildlife, when managed skillfully, is one of the best way of preserving a host of endangered species. It will be instructive to monitor how this trial scheme fares.