I think the middle section is a calendar reference. 壬戌 ←
壬戌 - Wikipedia
And if that is the case, I'm tempted to say the next two are a lunar reference. Maybe 葉月 (August) or 霜月 (November), but the leading kanji looks a bit too different from either of those options...and that dampens my confidence somewhat. The last three, which Mike has suggest as 王さゆさん looks to me to be more like 王布袋, but again, neither of those two options means anything to me - although 布袋 (Hotei) is the name of one of the 7 lucky gods
Budai - Wikipedia, the free encyclopedia and that might have some significance - but again, my confidence is not very high on this. Hiragana feels (to me) to be out of place on there, and さゆさん
(sayusan) feels equally strange. Whatever the last three (or more) letters are, I would guess they are the name of the artist, since the final word "作" means "the work of" or, more simply, "by".
So taking all of these half-educated guesses and wild-*** guess together, the inscription might be something like
View of the Xia-kou gorge, August(?) 1922 (or 1982, or 1862, etc...). By Ou Hotei (or Ou Sayusan, etc...).