I don't have the S53 datasheet handy, but make sure there's not a bit in one of the Special Function registers to enable the serial port / Timer 2 clock (T2CON would be a good place to start).
A similar 8051 derivative had this feature and it nearly drove me crazy until I spotted it. On a legacy 8051 device, the serial ports generally don't have separate enable bits for the receivers....
Otherwise, it's worth mentioning that you might have the serial logic (voltages) inverted. Depends on your circuit. I did not verify your capture/reload as I would need to know the crystal/timebase for that. So double-check that, as needed.
Good luck.
-mpm