That could be the old Coast Guard base on the west side of the harbour at the bottom of the photo. The top of the lighthouse might be the one that is now on display in Bastion Square. There are mooring buoys and lengths of chain laying around.
At the bottom of Swift Street can be seen the city garbage wharf and burners. There are three truck dumping bins and a conveyor system that carries the garbage to the two scows tied to the wharf. The garbage was then dumped out in the straights.
Behind Capital Iron are two identical hulls (WWII Liberty ships maybe) that are likely being scrapped, since that was the business they were in at the time.
A good view of Memorial Arena under construction.
The Lansdowne Airfield was abandoned in 1931, many years before the aerial photo was taken of Victoria.
more:
http://victoriahisto...downe-airfield/