Start with the
full Bulldog1935 cleaning treatment (thanks to Ron for posting this). Quantum Hotsauce oil and grease - grease on the clicker, oil on the rest. Put the spool into the reel body, then drip some oil into the spindle hole. Finally, reinstall the crank plate. The steel spindle runs in a hole bored in the aluminum casting, keep it clean and well oiled (at least once a year).
The image below is the advertising flyer that came in a Holmes reel box. This took a lot of Photoshop cleanup... There is a comment by Andy M above that the exploded diagram is different than the actual reels. I have not seen a Holmes reel with the spindle in the crank plate either.
Before you ask, no the reel cannot be converted to left hand wind. Trying to reel a fish in, while spooled up for left hand wind, will unscrew the crank plate.
Tom