The watermarks aren't unique to Straits Settlements, so you'll recognize them from other Commonwealth issues.
Gibbons names them, in chronological order, Elephant's Head, Crown CC, Crown CA, Mult Crown CA and Mult Script CA. The Elephant comes from India on the first issues, and the others are completely common throughout the Commonwealth.
Here is a slightly-larger comparison of the two Multiples:

Mult Crown CA started appearing in 1904, and Mult Script CA started appearing in 1921.