Three possibilities;
(1) H.M.S. NEW ZEALAND.
Unlikely due to the fact that she was sold in 1922, the cap is the type introduced in the 1930's and the picture was taken in 1940 or 1941.
(2) R.F.R. NEW ZEALAND.
(3) R.N.V.R. (crown over anchor) NEW ZEALAND.
Looking at the image, I would go with (3)
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