I read it as Mother & You...this may suggest that it was maybe written by a sibling of the young girl.
Carol
My thought too Carol 
'However', 'but' and all those qualifying words.... the thing to do is to suspend judgement for the moment and see what fits when you try the two options that have been suggested.
Mother and gran written by child of mother and grandchild of gran (potentially three generations being written about
or
Mother and you
Written by sibling of you about their shared mother (potentially two generations)
Then Edwardian is another clue 1901 – 1910
So a child aged 5-6 to my eyes and a mother 30-35 to my eyes.
I would not try to combine yet just keep them as three different sets of clues for a while.
Also on the wee boy in the 1860s apx photo. Perhaps he is paralysed or lost an arm. Have you found any 1860s family events that make sitting for a photograph a noteworthy idea? The move south?