Only flogged new stockings (5)

I believe the answer is:

nylon

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'only flogged new stockings' is the definition.
I can't tell whether this definition defines the answer.

'only flogged new' is the wordplay.
'flogged' indicates anagramming the letters.
'new' becomes 'n' (abbreviation as in New Testament NT).
'only' anagrammed gives 'nylo'.
'nylo'+'n'='NYLON'

Can you help me to learn more?

(Other definitions for nylon that I've seen before include "Man-made material" , "Man-made fibre" , "Hose" , "where ladder can appear?" , "Artificial yarn/fabric" .)

I've seen this clue in The Times.

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