A stone plaque in Castle Street also records the name of John Law, who was shot in April 1685 while successfully helping eight Covenanters escape their imprisonment in Newmilns Keep. Towards the end of the 16th century, Hugenot refugees settled in the area and introduced Newmilns to the craft of weaving. About two centuries later, Britain began importing cotton from the United States and as Newmilns by this time had a long-established weaving tradition, the town's handloom industry rose to national prominence. The success of this industry can be seen by the growth in population from around 500 in 1750 to 2,000 in 1850. Newmilns also became very prosperous during this period, evidenced by both buildings around the Cross and the institution of the Trades' Race in 1743, which became an annual event for many years to come. Born in Newmilns in 1821, Joseph Hood became a major player in the lace industry. By the age of 21, he had already developed, manufactured and supplied many Jacquard Looms and throughout his life, was responsible for many weaving innovations. Handloom weaving however was in decline. The introduction of the power loom in 1877 and general move towards automation left many weavers unemployed, resulting in a population drop as many left Newmilns to find work. Joseph Hood and his colleague, Hugh Morton, installed a lace curtain machine in Newmilns in 1876 and very quickly, others followed suit. Within ten years, a further eight companies had formed, providing work for over 1,500 people. The success of the lace industry prompted a boom in the urban development of Newmilns. The town expanded rapidly in all directions, particularly to the east of the townfoot and south into Greenholm, with areas such as Loudoun Road, Darvel Road and Borebrae seeing the erection of many villas for Newmilns' growing middle-class. This was further augmented by the creation of council housing during the 20th century, primarily in Gilfoot, Mason's Holm, Campbell Street and Ladeside. Expansion slowed however as the lace industry fell into decline during the 20th century, with foreign competition, World War I, the Great Depression and World War II all contributing to the loss of markets and access to raw materials. The original Hood & Morton factory still stands on Nelson Street, but it is now disused. Only two lace mills remain in operation. Newmilns has suffered a significant drop in employment through the aforementioned decline of the lace industry, the closure of the Bleachfield, the railway station, the Cooperative and many other major employers including most recently, the Vesuvius plant in Brown Street.