The flag of Shanghai Municipal Council, Shanghai International SettlementThe flags are:

Top left: United Kingdom, United States, France.
Top right: Russia, Denmark, Italy (Kingdom of), Portugal (Kingdom of).
Bottom: Norway and Sweden (vertical and upside down), Austria, Spain, Netherlands (upside down).The text is:

工部局 (Municipal Council)
Omnia Juncta In Uno (All Joined in One)
Shanghai MunicipalityComment on the German flag:

FOTW says this was a slightly different version of the flag, with the German flag replaced by a white space where the flag would have been. This modification was a protest against the German European aggression of the time, presumably around WW1. Further down the same page there is an image of the "Shanghai Russian Regiment" which uses the same seal but a German flag which looks like Image:Flagge Preußen (1892-1918).png.
This W3C-unspecified vector image was created with Inkscape .
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