Douglas (Doolish in Manx) is the capital of the Isle of Man and its largest town. It has a population of 25,347 people (according to the 2001 census), which is almost one-third of the Isle of Man's entire population. It has been the capital since 1863, and is situated on the east coast. Tynwald, the Manx Parliament, meets in Douglas (except on Tynwald Day, when it instead meets on Tynwald Hill in St John's). The initial growth and development of the town owed much to its natural harbour, [now the Inner Harbour] since greatly expanded and improved. The burgeoning 'Running Trade' (smuggling) from 1670 to 1765 gave a stimulus for the town to expand. There were later phases of prosperity, the first due to the low cost of living, and favourable legal status enjoyed by English debtors and half pay officers. Later, from around 1870 onwards, the town was transformed into a leading holiday resort, and is now the home to the Offshore Financial Services Industry.