We can actually infer the following from the given statement from the essay 'Progress in Play: Board Games and the Meaning of History' by Alex Andriesse, "depicts a martial female figure holding a Union Jack shield": A symbolization of something that looked like a martial female figure armed.
Inference actually refers to the conclusion that one makes after observations and evaluations have been carried out.
We see here that using the word "depict" shows that the writer is referring to symbolize something.
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