The coastline east of Dubrovnik, Yugoslavia

The coastline east of Dubrovnik, Yugoslavia. The photographer is on a ship in Lokrum roadstead looking towards the coast showing a number of buildings at the foot of a steep wooded hillside. The five storey building nearest the shore on the left is the Excelsior Hotel and the building on the right is protected by a substantial stone wall which has the letters PENS painted on it. The negative is captioned "Ragusa".