The properties of harmonic surface waves in an elastic cylinder filled with a liquid are studied. The case of elastic material for which the shear wave velocity is higher than the sound velocity in a liquid is considered. The wave motion is described based on the complete system of equations of the dynamic theory of elasticity and the equation of motion of an ideal compressible liquid. The asymptotic analysis of the dispersion equation in the region of large wave numbers and qualitative analysis of the dispersion spectrum showed that in such a waveguiding system there exist two surface waves, the Stoneley and the Rayleigh waves. The lowest normal wave forms the Stoneley wave on the internal surface of the cylinder. In this waveguide phase, velocities of all normal waves, except for the lowest one, have the velocity of sound in the liquid as their limit. Therefore, the Rayleigh wave on the external surface of the cylinder is formed by all normal waves in the range of frequencies and wave numbers in which phase velocities of normal waves of the composite waveguide and the lowest normal wave of the elastic hollow cylinder coincide.