The characteristic Chaine Memorial is modelled on an Irish round tower and was built in 1988 by public subscription as a tribute to James Chaine (1841-1885), He came from Ballycraigy and was the son of a wealthy linen merchant, who after his schooling played a major role in the development of Larne as a port. He was instrumental in establishing the cross channel sea link between Larne and Stranraer and director of the Larne and Stranraer Steamboat Company which began regular sailings on July 1st 1872. In 1873 he introduced the first regular trans-Atlantic service began Glasgow, Larne and New York in partnership with the State Line. It was this connection that led to the port being one of the embarkation points for emigration to America, this service continued until 1889.

As well as being a driving figure behind establishing the Port of Larne he invested in the construction of the railway from Larne to Ballymena and Ballyclare which greatly improved the infrastructure to the port. This was managed by the Ballymena and Larne Railway company. In 1874 he stood as an MP for Antrim and won the election, a seat which he held until his death in 1885 at the age of 44, from  pneumonia.