The record of flare incidence from January 1969 to October 1988 indicates that the north-south (N-S) distribution of large flares is periodic and approximately in phase with the 11-year sunspot cycle. These data are based on observations of the whole-disk Sun in continuum soft X-rays which commenced in early 1969 and have proceeded without interruption to the present time. The pattern of occurrence, observed for slightly tess than two sunspot cycles, is that large flares concentrate in north heliographic latitudes soon after solar minimum and then migrate gradually southward as the cycle progresses. By the end of the cycle, most large flares occur in the south. The degree of N-S asymmetry apparently is a function of the intensity of the flare; the most intense flares show the largest amount of N-S asymmetry. The data suggest that sunspots and flares may be driven by distinctly different excitation mechanisms arising at different levels in the convection zone. This conjecture is supported by recent work of Bai (1987, 1988), who has discovered that the superactive regions producing the majority of flares rotate at a speed substantially different from the Carrington rate, which is based primarily on the observed motion of sunspots.