The waltz was composed by Willem H. Paling, who had immigrated to Australia in 1853 from Woerden in the Netherlands.
The music was arranged by Robert Evans for the NSW Transport Institute Band. It was first performed at the Railway Ball, 2 October 1855 for the opening of the first railway line in NSW, the Sydney to Parramatta Line.
Here is a link to the Sydney Morning Herald news article from October 4. 1855.