 By 1863 a committee had been formed, and with aid from central government, land was purchased with the intention of employing local cotton workers to construct Alexandra Park, which opened on 28 August 1865.Said to have over-relied upon the textile sector, as the importation of cheaper foreign yarns grew during the 20th century, Oldham's economy declined into a depression, although it was not until 1964 that Oldham ceased to be the largest centre of cotton spinning.In spite of efforts to increase the efficiency and competitiveness of its production, the last cotton spun in the town was at Elk mill, in 1998.