Jones Bridge, National Post Office Building, late 1920s
This is the Hi-Definition scan. Look at it in the Largest size. Fantastic detail. On the back is written in Japanese: zpahc. says:
this is the translation:
on the left, you can see the post office.
the farthest squared building that you can see is theaters.
you can see the philippines' car (kalesa)
(kalesa means a horse driven carriage)
that's word per word translation :)