The line 'Fare' is typical of LYR blank tickets but not normal for the Isle of Man, and the ticket is top and bottom green bands with white centre band. The IMR ticket ledgers show that Waterlows produced tickets for major journeys, eg Douglas-Port Erin 3rd return by the tens or hundreds of thousands, but even minor journeys were produced in runs of 250, but to the best of my belief NO example is known of any of these tickets numbered above 50, and I am unaware of any surviving numbers below 40. Today surviving copies in the hands of collectors are in the 'fingers of one hand' quantity.
Other than to suggest it is some joint venture with the LYR with the hand of the LYR predominant I can say little more. It is perhaps useful to add that when Thomas Stowell was manager of the IMR from 1903 onwards, the relationship with the LYR was VERY close, indeed much closer than with the LNWR, as had been the case, and LYR officers regularly holidayed in the IOM and called to see Stowell. It will be recalled that the IMR even adopted an LYR two tone brown livery in Stowell's time!
This ticket is Third Class Rail and Saloon by boat, which was the equivalent of first class, but third class sea (Steerage) was far worse than 3rd class rail so many people opted to travel in this way. It is a rare chance to obtain a pre-1914 LYR style ticket which was probably printed by the LYR given its styling but issued by the IMR for travel by train, boat and LY train.
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