Cropped from Tramway to sugar factory Hong Kong.
The white house on the right looks pretty much like the Metropodle Hotel with the sign on the roof (unfortunately, can't read anything). Left of the hotel, two chimneys are visible. These can't belong to Taikoo Sugar - if so, they should be right of the hotel. Probably they belong to quarries located north of Taikoo Sugar.
On hkmaps.hk, the 1903.1 map shows water depths, pretty shallow like on the photo.