A rod extends from the ground about two feet, ending in a jagged array of spiked and splintered wood. It isn't difficult to realize that something was torn off of it, and it isn't hard to figure out that the 'something' in question is the sign lying on the ground about two feet away. You can read it from here:

<img src="images/signpost.gif" align="right">Welcome to Saria Town! Here's how to navigate our fair settlement.

North -- Town Square, Mayor's Office
Here -- South End, Apothecary's Shop
West --Laruto Falls