The one-tonne sculpture of a “fustian knife”, will also serve as a giant sundial gnomon (shadow caster) in St George’s Square.

Fustian knives were used in the manufacture of corduroy, a fabric for which Hebden Bridge was known throughout the world.

The large scale replica of a Fustian knife points directly north towards Nutclough Mill, former home of Hebden Bridge Fustian Manufacturing Society Ltd, founded in 1870 - in its day, the largest worker-producer co-operative in Britain. Nearby Pecket Well mill was the last mill in Britain to manufacture corduroy fustian cloth (1858 – 1998).

The installation of the sculptural piece completes the award-winning improvements to Hebden Bridge town centre which have been funded by Calderdale Council, Yorkshire Forward and the European Regional Development Fund Community Initiative.

Councillor Press said: “People think that Hebden Bridge is a tourist town with quirky shops but it is the industrial past that this work of art remembers - the heritage of the fustian and textile trade which is a good thing to remember.”

The sculpture was developed jointly by the local Traffic Review Steering Group, Calderdale Council Officers and local sculptor / artist, Mike Williams. It is cast from bronze in a Sheffield foundry and stainless steel fabricated by a firm in Halifax.

Last year’s Mayor of Hebden Royd Coun Nader Fekri said: “It is a wonderful blend of 21 century modernism as symbolised by stainless steet but rooted in the 19th century with the bronze base.

“I am sure the sculpture will be a wonderful addition to the town,” he added.

Fellow town councillor David Young said: “The piece of public art will stimulate conversation between people. It reflects the hardship people suffered in the making of fustian corduroy.”

Coun Williams said he hope the sculpture would become as familier as the Old Bridge to people.

The sculpture is part of the improvement scheme for the town centre, for which Calderdale Council has already won a prestigious national award run by the British Council for Shopping Centres.