A versatile bag worked in the round in a spiraling lacy pattern that gradually decreases as it winds its way up the bag to finish in a short-row Spider strap. The strap is then knitted into the bag in six places to give excellent support.
Make it to carry your knitting project or shoulder-bag size to carry even more.
Very little finishing required. May be felted (which will make it resistant to stretching when carrying heavy loads).

This project is also available as a kit in Small and Large Sizes: http://www.lucyneatby.com/index.php?specific=1000727