Souvenir felt naval pennant with attached badges - Merchant Navy

World War Two era triangular souvenir naval pennant in horizontal orientation made from a navy blue felt base with printed red, white and green detailing.
The graphics and text on the pennant are screen-printed using oil-based paint or thick lacquer ink.
The wide end of the pennant has two fabric ties attached to the edge for hanging. On the left, there is a distinctive vertical tricolour stripe in red, white and green. Adjacent to this is the official Merchant Navy (MN) monogram enclosed in an oval rope border, topped with a naval/maritime crown. Beneath the crest is a decorative scroll banner reading 'AUSTRALIA'.
To the right of the crest are the words 'Merchant Navy' extending along the centre of the tapering pennant.

The pennant has been personalised by the addition of three Australian items - a Rising Sun badge, an 'Australia' metal shoulder title, and a varnished wooden boomerang brooch featuring the word 'Australia'. There are red, white and blue stripes (representing the Empire) on both ends of the boomerang.
The reverse is plain and there is no maker's tag. The lugs of the two badges and the pin clasp of the brooch are visible from below.