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A unified explanation of delayed yield and of strain rate and temperature dependence of yield point in iron was attempted on the basis of the Cottrell locking theory, taking internal stress into account. The energy of a dislocation required to fit existing data is small by an order of magnitude compared with the value theoretically estimated by Mott and Nabarro. The distance, calculated from the value of internal stress, between dislocations assembled at a grain boundary is of a reasonable order of magnitude. It is suggested that the mechanism of yielding may change from Cottrell type to Mott‐Nabarro or Frank‐Read type when applied stress falls below some limiting value.