Initially, there is 80 litres of milk and 20 litres of water. After selling one-fourth, the milk and water sold are:
\[
\text{Sold water} = \frac{20}{4} = 5 \quad \text{litres, and similarly, milk sold} = \frac{80}{4} = 20 \quad \text{litres}.
\]
So, the milk and water remaining are 60 litres of milk and 15 litres of water. To replenish the quantity of water sold, the milkman adds 5 litres of water. Therefore, the new proportion of water to milk is:
\[
\frac{15 + 5}{60} = \frac{20}{60} = 1 : 2.
\]
\[
\boxed{1 : 2}
\]