First off - any IGI entry with "abt" for a date is unreliable if not pure fiction.

James Maxwell appears under his full name in the 1881 census - see www.familysearch.org.
This puts his birth year about 1855.

The 1861 census has:
Douglas, district 3, schedule 22, 12 Great George Street
James Coole, head, married, 44, grocer merchant, Douglas
Judith, wife, married, 45, Douglas
John J, son, unmarried, 16, grocer, Douglas
Charles W, son, 7, Douglas
James M, son, 5, Douglas
Frances, daughter, 9, Douglas
Esther J Kneale, niece, 14, scholar, Douglas