I was writing my message while you were posting your message; this seems to happen all the time to me!
PORT seems like the most likely option to me: you've used all the lines so it can't be a longer word. There was a crude attachment on the back to allow it to hang vertically with your idea readable.
It's possible that it was just decoration of course.
In all seriousness, I think the Bellflower device indicates the bottom, traditional that decorative device points downward. That being the case, all of my letters are upside down. What letters I can pull from it - right side up, are; I, J, d & q. In reality, I think it is an owner's monogram, highly unusual on a bottle ticket.
I'd be interested to know when wine labels were engraved. Were they sold blank for the buyer to have engraved, perhaps the sellers did it on purchase.
One would think putting initials on a wine lable would make it useless. Of course, having an unreadable word would be pointless too, so you're probably right Tom. Though I think the attachment shows which way up it should be, unless the attacher couldn't tell which way was which!
I think I've figured out what is bothering me about this label. In the darkened band there are two opposed tendril loops that make no sense in the reverse symmetry of the design, unless they were intended for chain hanging. I'm sure it is too much to hope for, but by any chance is the red arrowed loop drilled?
Thankyou for your help Tom; I'd still be trying to form CLARET or MADEIRA out of the jumble if it weren't for you.
My new theory: ostentatious man asks engraver to put his initials on wine label and insists on this font. Engraver can only fit it on vertically, so does so. Man is furious, forces engraver to attach a new loop. Man shows off new wine labels to dinner guests; dinner guests think man is an idiot.