This is the site of the last working "Water Gate" (a form of flash lock) in England, and therefore possibly the last in the world. The water gate was demolished in the late 1950's, and the river channel deepened by dredging upstream of here to Pershore Lock, which was also deepened.
Needless to say, had the structure survived up to modern times, it would have been "listed" for conservation!
The vessel in the old postcard picture is possibly the grain barge "Pisgah", which traded from Bristol Channel ports to Pershore Mill until she ceased running when the mill burned down in 1972.