The speed of transverse waves is given by \( v = \sqrt{\frac{T}{\rho}} \), where \( T \) is the tension and \( \rho \) is the density. The ratio of the speeds of the waves is the square root of the ratio of the tension to the density. Given the ratio of the radii and densities, we find the ratio of the speeds to be 1:16.
Thus, the correct answer is option (1).