This photo is entitled the Luz fish factories, with an unknown date.
Only the basics of Luz seem to be in place. The Fortaleza and Nossa Senhora da Luz are there. A few luxury houses have been built on Rua Primeiro de Maio. More or less nothing has been developed to the east of the church until you hit the fish factories. It is all open land.
There does not seem to be a lot of boats on the beach. Perhaps they were elsewhere.
Moving to the right hand side in the centre, we have the fish factories. I cannot say how many of these buildings were actually fish processing plants. I believe the large white building still stands in one form or another. The location is at the bottom end of Rua Praia da Luz, beside the market stalls. I suspect most of the rest has been demolished.
Part of that main building is now Café a Fábrica, where fabricar means to make, to process or to fabricate things. In other words, the café is paying homage to a fish factory.
Please store this view in your mind. Most of what you can see will disappear in coming photos. Much of the empty spaces would soon be built over.
It is Luz evolution in progress.