Monday 26 December 1938 at Blundell Park (Att 16,500)

Grimsby Town (1) 2 (Howe 2 53): Tweedy, Vincent, Hodgson, Hall, Betmead, Buck, H Shaw, Beattie, Howe, Jones, Lewis.
Wolves (2) 4 (McIntosh 6 60, Galley 37p, Dorsett 85): Scott, Morris, Taylor, Galley, Cullis, Gardiner, Burton, McIntosh, Westcott, Dorsett, Maguire.

Referee: Mr I Wright (Derby).
Order of Goals: g,W,W,g,W,W.
Penalty: Awarded for handball against Ned Vincent.
Position: 3rd.