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According to the on-line 1912
Lloyd's Flags & Funnels it's 'J.H. Jensen, Flensburg'. No. 1287.
Jan Mertens, 10 Dec 2004
J.H. Jensen - The Jensens came from Flensburg and moved their business
to Hamburg after WWI. The last owner Kurt Stein changed dissolved the company
in 1924 and ran the last two vessels under his own name. This variant of
the flag is white with narrow light blue (FIAV-code B- or B--) horizontal
stripes on both edges and a serifed light blue capital "J" in the centre
of the flag.
Source: Jürgen Meyer: "Hamburger Segelschiffe von 1795-1945";
ISBN 3-89225-400-1; Hamburg 1999; p.230.
Klaus-Michael Schneider, 23 Mar 2007