Yes - it is a shot of a little bedraggled flag - marking the place where the M2 submarine sank.
Full title reads: "Off Portland. A little bedraggled flag - will now be the tombstone over the sea grave of the ill-fated M.2 & her crew of 52."
A small limp flag suspended from a buoy floats on the waves above the scene of the sinking of the M2 submarine.
Intertitle reads: "'Till your Captain shall wake you'."
Intertitle reads: "Hail and farewell!"
(Intertitles fade in and out)
Sound Track Missing - I assume it would have been sad music.