Rowland Skipsey Waterhouse was born on 29 January 1818, he was the third child of Rev John and Mrs Jane Waterhouse. He was christened on 15 April 1818 at Church Street Wesleyan, Reading Circuit, Berkshire, England. Rowland arrived in Hobart on the James with his parents and siblings (six brothers and three sisters) on 1 February 1839. Rev John was the first Superintendent of Wesleyan Methodist Missions in Australasia and Polynesia.

Rowland, together with his younger brothers William and Jabez, commenced as drapers on 6 March 1839 operating from Manchester House, 67 (now 139) Elizabeth Street, Hobart Town as R.S. Waterhouse & Brothers. In October 1839 the firm of R.S. Waterhouse expanded into printing as both William and Jabez had experince in England. Marketing themselves as General Printers and Bookbinders at Elizabeth Street, Hobart Town, at what was formerly Andrew Bent's printing office. In 1841 they formed a partnership in the printing business with fellow Wesleyan William Pratt as Waterhouse & Pratt. Jabez left the partnership in May 1843 to train as a Wesleyan minister.

The firms prospered well for a time, with the drapery business as the mainstay. In 1847 Rowland expanded into shipping and also had an interest in ironmongery, through his brother John Thomas, an ironmonger in Hobart, who moved to Honolulu in 1851. In 1852 Rowland had to assign his estate to creditors, but continued in business and recovered.

Waterhouse took out a half-page advertisement in Hull's Royal Calendar for 1858, advertising his business address as '115 Elizabeth Street, Hobart Town,' and states that the business was established in 1839. The advertisement gives his line of business as 'Wholesale and Retail General Draper, Outfitter, Haberdasher, Hosier and Laceman'. The tokens were issued for the drappery business about 1858. Waterhouse advertised in a number of Tasmanian publications during the 1850s and 1860s. As mentioned above, his business featured in Hull's Royal Kalendar in 1858, as well as in a number of Almanacs from the 1860s. He took out a large advertisement in the Hobart Mercury for 8 January, 1858, announcing his range of Men's clothing, including 'Gent's superfine clothing in great variety and very low prices' and 'Gents French soft felt hats of all colours.'

In 1871 Rowland was adjudicated bankrupt, though this was annulled in 1873. However by this time Rowland had retired to Sandy Bay. Waterhouse passed away on 17 October 1900 in Sandy Bay, aged 83.

He married Susannah Elizabeth Watchorn on 13 October 1840 in Tasmania, Australia. Their children were:

Susan Watchorn Waterhouse
Jane Skipsey Waterhouse
Rosalie Waterhouse
Rowland Skipsey Waterhouse
Clara Watchorn Waterhouse
George Augustus Waterhouse
Emily Emma Waterhouse
Susan died in May 1853.

Rowland remarried in May 1854 at the home of Thomas Padman in North Adelaide, South Australia, to Ellen Kirkham. Their children were:

Frank Skipsey Waterhouse
Helena Christina Waterhouse
Blanche Florence Waterhouse
Elsie Waterhouse
Percy Leslie Waterhouse
Bertha Gertrude Waterhouse
Leila Ada Waterhouse