Again, I not saying the flag is not old but it really looks like someone repurposed a "M" signal flag. If you look closely at pic 30QLFR3.jpg, upper left corner on the canvas hoist, you can see a couple of white "X"s where a heavy string was before and has since been pulled out. That string was used to sew a rope into the hoist and has since been removed. If you look at pic vDiCoO5.jpg, the method they used to attach the bunting to the hosit is identical to my signal flag, by folding the bunting over twice. Also, while machine sewing was in use even before the War, the tightness of the the white thread points to very late 1800s to early 1900s. I wish I could post pictures of my signal flag to show how similar it is to this flag but I am on a overseas business trip. That will have to wait when I return.