Interesting! It is dedicated to a Mr. Ibe , and there is a signature from a kendo master-teacher.
祈井邉君武運長久
剣道範士
渡部 搏 .... [I think that is the kanji I'm seeing???]
Ki Ibe-kun Buun Chōkyu
Kendo Hanshi
Watanabe ...
Wishes/Prayers (to) Mr Ibe: Continued luck in the fortunes of war
Kendo Master
Watanabe ...
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In pre-war Japan there were not many hanshi-level teachers (8th dan). Dan is a grade, but renshi/kyoushi/hanshi are 称号 "shogo" teaching ranks. I cannot make out the given name ... but there was in 1940 a kendo hanshi named Watanabe Hiroshi; whose name is mentioned amongst Yamaoka Tesshu, Sakakibara Kenkichi, and Takano Sasagawa ... extremely famous swordsmen. Sadly, the source is in English and does not show the kanji.
--Guy
Update ... I'm certain the first kanji of the given name to the fencing master is 搏 which is hiro/haku; I'm betting it is Watanabe Hiroshi. I must not get too excited! Nick will tell me the mistakes I've made.
(^__^)
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