You are correct; there are two women on the Stbd side, along with a gentleman, a small boy, and the helmsman, with tiller in hand. There is also a lady, and gentleman on the port side.
A characteristic of cats is their spacious cockpit, but it looks like you could have quite the gathering in this one.

What a unique thing to engrave on the gun. No doubt at specific request by the buyer.

would not us here at present love to know the storey behind this 20 ga s boating crew...just a fine myestery that will intrige us parker lovers till we meet the people who done this.....charlie

Gary
Do you know who engraved the gun ? I know nothing about cat boats, however the engraver may have been an artist of some renown and friend of the family , worth a shot.
Dave Kerns