Next to Sa Mu Ha Ra (the kanji are so strange they don't even show up in the MS kanji dictionary) is the name of the person to whom the flag was presented - 大島義雄君 ŌSHIMA Yoshio (kun).
The two red stamps have the name of two shrines:
国幣大社南宮神社 > Kokuheitaisha Nangū Jinja. This is a big shrine in Gifu. The words "Kokuheitaisha" are a pre-1945 appellation identifying the shrine as an important shrine of high rank in the
Shinto hierarchy.
伊奈波神社 > Inanami Jinja. This is another shrine in Gifu, quite close to the above shrine.
Might have been a flag given to Mr. Ōshima by a community close to the above shrines. So many names on it...
Above the red stamps are the kanji 清明院加藤澄心護書 which I wouldn't know how to render into English, but I presume they may be the name of the principal priest of one/both of the shrines.
Slightly to the left of that, jumbled among the many signatures, are the words 撃米英 (Strike/shoot the Americans and Brits)
The rest - excepting of course the 祈武運長久 at the top - are names.