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The town was named after William Alliston, a land agent for the area. The name is also shared by an Englishman who emigrated to Canada in 1820 and settled near Yonge Street and Davis Drive (then called Lot Street) in Newmarket. He died at age 93 on February 8, 1888. His wife Elizabeth died two years later at age 91 on May 17, 1890; they are buried together in St James Cemetery located north of the downtown core along Highway 89 just east of Leslie Street (formerly known as Lot Street).