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For more on marking an answer as the "Best Answer", please visit our FAQ.'Bally' simply means 'town'. It's derived from the Gaelic 'baile', meaning 'place':
http://www.geographyinaction.co.uk/Text_based_ site/Placenames/pnamesmeaning.html
Chris
http://www.geographyinaction.co.uk/Text_based_ site/Placenames/pnamesmeaning.html
Chris