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The rune on the left boy's flag is in reality the Siegel or 'sun' rune. The Old English Rune Poem says of it

ᛋ Sigel semannum symble biþ on hihte,
ðonne hi hine feriaþ ofer fisces beþ,
oþ hi brimhengest bringeþ to lande.

The sun is ever a joy in the hopes of seafarers
when they journey away over the fishes' bath,
until the courser of the deep bears them to land.

Of course it's better known now, thanks to Guido von Liszt with his "Armanen" runes, as the Sieg or 'Victory' rune.