The name Ballabeg derives from the Manx Balley Beg which means "small homestead"; although the spelling is different, it is pronounced approximately the same as the English name.[1][2] William de Montecute, 1st Earl of Salisbury and King of Mann, petitioned Pope Urban V to build a Franciscan friary on the island.In recent years with construction of modern housing estates, many inhabitants of the village now commute daily to Douglas.[1] The village consists of mostly residential property and had a tiny shop and Post Office, but this closed in April 2006 and was demolished for rebuilding in January 2009.[7] The festival consists of events such as exhibitions for produce, crafts, and flowers, traditional Manx dance and music, fancy dress, and sports competitions.[11] The bell tower was added in 1915 in memory of local physician and Manx traditional music collector Dr. John Clague who was buried in the graveyard.Its best known occupant is Captain John Quilliam, who helped steer the damaged HMS Victory as First Lieutenant at the Battle of Trafalgar.