cotton goods. J. M. Keynes suggested that there was over capacity, and the industry should be reorganised into larger units that would scrap the excess capacity. The Lancashire Cotton Corporation was a company set up by the Bank of England in 1929, to rescue the Lancashire spinning industry by means of consolidation. In merged 105 companies, ending up in 1950 with 53 operating mills. These were the later larger mills. It was bought up by Courtaulds in August 1964. The later mills were on the fringe of the spinning area in Wigan and Stockport, Availability of labour was cited as a reason. The last mills were completed in 1927, these were Holden Mill (Astley Bridge Mill) and Elk Mill. In 1929, for the first time there were more spindles in the USA than in the UK. In 1972, India had greater spindleage than the US, and it was in turn surpassed by China in 1977. Cotton mills in the late 20th century (1950–2000) Decline of spinning in England Though there was a slight revival after 1945, mills closed. The most efficient mills had abandoned their steam engines, and were working the frames with individual electric motors. Broadstone Mills Stockport, was built as a double mill with 265,000 mule spindles, but by 1959 it was running 37,500 mule spindles and 70,000 ring spindles. It closed in 1959 taking advantage of the Cotton Industry Act 1959 and was then used by the John Myers mail order company. One mill was later demolished leaving the other to be used as a Shopping Outlet Centre and Craft Village. The reduction of capacity led to a legacy of redundant mills, which were readily reused for other industrial purposes. Ring spinning technology had successfully replaced the spinning mule, with mills having been converted mules to rings. However, in the 1970s, the depleted industry was challenged by a new technology open-end or break spinning. In 1978 Carrington Viyella opened a factory to do open-end spinning in Atherton. This was the first new textile production facility in Lancashire since 1929. Immediately Pear Mill, Stockport and Alder Mill, Leigh were closed. These were both Edwardian mills designed by Stott and Sons. The mill built in 1978 was built on the Howe Bridge mills site and was named Unit One. It was not an open end mill but a combed cotton ring mill. Modern cotton mills Modern spinning mills are