As I understand it the flares were mostly white phosphorus burners, like the ones they used to iliuminat battle fields at the time too and that would make them white in color. They were mostly used to light up the water so the guners and watch crew could see better in a bid to avoid torpido attacks in the caise of merchants and in the caise of war ships they were hoping to see the u-boat so they could kill them and also avoid any torpidos ment for them. It is the same idea as a spot light only it lights up more area.
In terms of light signals for rescue uses, you probly wouldn't see them if you were the attacking u-boat. I think they had recue flares back then but it wouldn't make sence to use them just after the crew abandond ship unless there is some other ship that is out there to come and get them that could see the flare from their position; those things don't stay light for all that long and they don't stay up in the air for long eather.
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