The scale of an aerial photograph is given by the ratio of the focal length to the height of the camera above the ground. The formula for the scale is:
\[
\text{Scale} = \frac{f}{H}
\]
where:
- \( f \) is the focal length of the camera (152 mm),
- \( H \) is the height of the camera above the ground, which is 3500 m - 460 m = 3040 m (adjusted for the ground elevation).
Thus, the scale is:
\[
\text{Scale} = \frac{152 \text{ mm}}{3040 \text{ m}} = \frac{152}{3040000} = 1 : 20000.
\]
So, the correct scale of the photograph is 1 : 20000, corresponding to option (A).