University of Bristol - Historical Photographs of China reference number: JC-s032. The 'boat' is named: 'Sportsman' and 'Wu Kwang'. The photography studio's name and address is printed on the mount: 'Wu Guang Photography Zhonghua Road, Xiaonan Gate, No.562.' So the studio was in the south east part of the old city, Shanghai. See Bi-s020 and JC-s033.
Studio portrait of four boys in a 'boat', Shanghai
Black and white photograph