[1][2] Holmes' Bank crashed spectacularly in 1853 resulting in hardship, unemployment, bankruptcy and destitution for many of the inhabitants of the Island.
The brothers' Holmes were involved in various business ventures, ostensibly establishing themselves in the running of passenger and cargo shipping, banking being merely a subsidiary activity of what was virtually a general trading concern.
Profligate practice continued resulting in the failure of Holmes' Bank in 1853, leaving liabilities of approximately £300,000.
[1][2] The failure of Holmes' Bank caused acute misery and suffering on the Isle of Man.
[1][2] An investigation of the affairs of the bank disclosed that notes far in excess of the number authorised by licence had mysteriously got into circulation.