With the sketchbook turned upside down relative to the foliation, Turner has roughly sketched houses and a watermill in a pastoral setting. The waterwheel of the mill is suggested on the right. Cecilia Powell has proposed that the drawing was taken at the outskirts of Huy in the province of Liege, Belgium.1
A similar view of Huy with watermills can be found in the Rivers Meuse and Moselle sketchbook of 1824 (Tate D19628; Turner Bequest CCXVI 39).
Powell 1991, Appendix, p.213.