Complex sentence: The town owes its name to the many emigrees from Waterford, Ireland, many of them fisherman that arrived here either via Newfoundland or directly from Irleand in the first decades of 19th century.
Split into simpler sentences: The town owes its name to the many immigrants originating from Waterford, Ireland. Most were fishermen who arrived here either via Newfoundland or directly from Ireland in the first decades of 19th century.