Swedish cargo carrying training ship Beatrice rolling home with all the wind she can use. Upper topsails are still set, but the mainsail has been hauled up in the weather clew-garnet (clew-line on courses), making it practically triangular. Here the clew-garnet goes from the clew (lower corner of the sail), straight up to the yardarm (outer end of the yard), whereas in earlier ships it would go to a block near the middle of the yard. The sail would then be "clewing to the bunt" instead of as here "to the yardarms".
The ship was built by Steele of Greenock in 1881 for R. Shankland & Co. as the Routenburn. She sailed for Sweden from 1905 as the Svithiod, then shortly for J. Stewart of London during the last years of WW 1, after having been appropriated by the Canadians. And from the end of the war and until her scrapping in 1932, again for Sweden as the Beatrice. Many say the Routenburn was the most beautiful of the four-posters. The Swedes cut off not only her skysails, but her royals as well, which of course affected her looks, but she still remained a beauty.
She does seem a little short of lifeboats. Other pictures probably taken at the same time shows a small boat on the port side on the gallows forward, and this one may be in place here as well. But with a ship full of cadets she really ought to have four serious ones. A big sea took one perhaps. The box right ahead says "livbälten", lifevests. This was the standard place for them.
Here's a quite good website, with photos that enlarge well, on "Dad's time on the Beatrice" : http://www.cybis.se/forfun/farsan1/index.htm