NATIONAL STEAM SHIP CO. LTD.

The main cross appears edged blue and then outlined black. The panel cross may represent a Union Flag, but seems to have a black cross and saltire edged red or blue, except for the horizontal arms, which have blue on both sides.

Bonsor gives blue edging to the main white cross. Lloyds explicitly outlines it in black, whereas LJC 1909 does not.