Thank you very much!There are patriotic slogans and names written all over it. Some of the patriotic slogans can be found in the excellent list provided by Toritoribe-san in the link here.
On your flag I can see
ﾅｽﾂｵﾂ青ｶ窶｢ﾃｱﾂ債 = Shichishouhoukoku ﾂ（Unfailing devotion to country)
ﾋ愿披?吮?ｰ = Loyalty/Patriotism
窶忍窶禿陳青ｸﾂ進 = Unflagging courage
among others. I can pick out the last names of some of the signers: Takahashi, Kinoshita, Ota, Kakizawa, Yamada, Watanabe, Yamano.
It was given to someone with the first name of Tsutomu. Looks like just the first name was given, which seems very unformal, familiar. Maybe Tsutomu was someone very young. I can see the date Showa 18, or 1943. I can't make out the exact date, but it looks like maybe April 12th?