Thanks for your efforts! I've played around quite a bit with the picture using a number of photo shopping tools, but it still comes up ineligible. I am leaning towards Loudon, NH for the place, and the name almost looks like a couple of initials, and then the name"Wagner". There are Wagner's residing in Loudon, and the town is close to the ocean. Maybe I'll give one of them a call. I think anyone who has one of this guy's rods would probably immediately recognize the inscription. But trying to make heads or tales of it when it is heavily scripted and missing pieces is proving to be tough. It is barely legible, even when I look at it through a high power magnifying glass from all angles and different lighting. I am fairly confident the first letter of the town is L, though. That letter shows up pretty good under a mag' glass. I googled cities that start with an L in NH, NJ, NY and WA. The two towns I thought looked closest to the inscription were Linden, NJ, and Loudon, NH. Of the two, Loudon has more of a big game fisherman vibe to it, and there are bluefin tuna waters close by.
There was a William Southam who built rods in Sydney Australia but the rods I have seen are all marked - Wm. Southam Sydney - They are in script similar to your rod.