Location is Allenby's corner with King George.
I can only guess that the dragon with the inverted swastikas is a commentary on the German nazi party rise of that year.
The original photo is taken from the "Library of congress"
Another view of the illustrated gate over Alenby St.
The illustrations are presumably the work of the artist Nahum Gutman.
The flying camel in the back is there because of the international Levant fair (Yarid Hamizrach) that took place that year.
Other Views of the same event.
Every year a girl was chosen to be "The Queen Ester"
From the megila. That girl would get to be greeted by the mayor of Tel Aviv.
A few screen captures from an "Adloyada" film showing a closeup of the same gate and
a clown peeping through the "Adloyada"'s poster.
Then and today.
Another view today.
Photo by Shlomit Carmely