There must have been hundreds of these junctions in pre-motorway days, but they have mostly been removed for road safety reasons. I used to stand at one on the A34 in my Battledress waiting for a lift home or back to barracks.
I'm guessing that the large wording on the left of the picture is on the gable end of a pub. Advertising some make of "ALES". Looks like it was taken in the early fifties. But I suppose the car buffs can date it precisely. Wish there was that much traffic on the roads now a days though.