I got myself in a muddle with this one. It should read...
      Looking east down the canal where there are about fifty powered boats moored along the towpath.  To the west the canal is blocked for a short distance, but a new alignment is possible to the south through council depot.

Apologies to Vic Miller for wrongly identifying the builders of his boat.
    A conventionally shaped narrow boat of an unusual construction.  The boat is a Sea Otter built of welded aluminium which makes it light enough to be towed.  When it is launched ballast tanks are flooded to give it stability.  Nonsuch belongs to a long time W&BCAG member Vic Miller and this was the boat’s first taste of the water.

Recent evidence points to this being the remains of Dunnington Top Lock.
     It is said that the bricks from the Dunnington locks were used to build some local houses.  This would account for the state of the lock.

The artist has now been identified.
       Cricklade church in the background with the River Thames running alongside the canal.  After West Mill lift bridge the canal crossed the river on an aqueduct.  This is a water colour, painted c. 1900, by Ernest Haslehust.

The  lock can't be be Grove Top as there is not a tail bridge.
The caption has been altered to read... 
       Recent information suggests that this is probably the pound below Lime Kiln Lock, which is the second lock down the Grove flight of six locks. Some re-positioning of the lock and re-alignment of the pound will probably be necessary in order to pass Grove.

The date of this photograph is c.1890.