The thing looks very like a British 4lb incendiary bomb. Fellow on the left looks like a fireman or civil defence to me, and there's buckets in the background- perhaps there's going to be a demonstration of how to deal with such a bomb.

Where did you get this photo?

It may be a Swagger Stick. Some Vietnam vets had a version called a Short timer Stick (some would mark off their days left in country with notches). http://www.pnj.com/story/military/2014/03/23/swagger-sticks-spark-memories-/6714297/
http://www.leatherneck.com/forums/showthread.php?17649-Anyone-Remember-Short-Timer-Sticks