Fishing fleet getting ready to sail from Repulse Bay.jpeg | Gwulo: Old Hong Kong

Fishing fleet getting ready to sail from Repulse Bay.jpeg

Fishing fleet getting ready to sail from Repulse Bay.jpeg

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I think the photo is of the East Lamma Channel with the northern end of Lamma Island in the distance. Taken along Pok Fu Lam.

Lovely photo. Yes, it's the East Lamma Channel, confirmed by comparison of the distant ridge line with the following, the foreground of which shows the headland separating Telegraph Bay (now Cyber Port) and Sandy Bay. 

Western end of Hong Kong island-circa 1948
Western end of Hong Kong island-circa 1948, by IDJ