Morphological studies of plastic deformation of single crystals, thin layers, and bulk samples together with mechanical, X-ray and infra-red data revealed the existence of three stages in cold drawing of crystalline polymer: the plastic deformation of the original spherulitic structure, the discontinuous transformation of the spherulitic into fibre structure by micronecking, and the plastic deformation of the fibre structure. The initial material, which has low strength and high ductility, consist of stacks of parallel lamellae with few interlamella links. It deforms plastically by stack rotation, sliding of lamellae, phase change and twinning of crystal lattice, chain slip and tilt until the predeformed lamellae reach the position of maximum compliance for fracture by micronecking. The micronecks transform every single lamella into microfibrils of between one and three hundred angstroms in width, consisting of folded chain blocks broken off the lamella primarily by chain slip in the boundary layers between adjacent mosaic blocks. The chains bridging the crack are partially unfolded during the micronecking process. They connect in axial direction the blocks in the microfibril as intrafibrillar tie molecules. The number of microfibrils per cm of crack length increases with molecular weight. The draw ratio of the microfibrils and the axial separation in the microfibril of the originally adjacent crystal blocks increase with the average distance between microfibrils and, hence, decrease with increasing molecular weight. The concentration of micronecks in every stack of lamellae in a thin destruction zone produces a bundle of microfibrils of rather uniform draw ratio. Such a fibril measuring a few thousand angstroms in width includes the interlamella ties of the original sample as interfibrillar tie molecules connecting adjacent microfibrils. The concentration of micronecks also provides the conditions for a nearly adiabatic heating of the generated fibril by the transformation work in the destruction zone. The local temperature rise imparts so much mobility to the chains in the crystal blocks that during subsequent cooling to ambient temperature, the long period becomes adjusted to this temperature. The more or less random distribution of destruction zones in the neck makes the transformation from spherulitic to fibre structure appear to be a gradual process in spite of the discontinuous transformation in the micronecks. The plastic deformation of the new fibre structure can proceed only by longitudinal sliding of microfibrils past each other, a process limited by interfibrillar tie molecules. Hence, high molecular weight samples with many interlamella links exhibit a smaller draw ratio than lower molecular weight material. The three stages are to some extent intermixed in the neck. In the initial neck characterised by a low draw ratio and rather gentle constriction, the transformation into the fibre structure is not complete, so that some of the remains of the original microspherulitic structure are still present in the necked portion. They are destroyed during subsequent drawing which completes the transformation and also deforms the fibre structure. The sharply constricted mature neck, however, yields a high draw ratio which is composed of the draw ratio of microfibrils and of subsequent sliding motion of the microfibrils. The technically important natural draw ratio is the maximum draw ratio obtained with the sample under the conditions of the experiment. It seems to be higher than the draw ratio of the microfibrils.