Saturday 30 March 1940 at Fellows Park (Att 6,106)

Walsall (0) 1 (Brown 71): Williams, Shelton, Thayne, Wood⁰, Morgan, Godfrey, Hancocks, Hickman⁰, Alsop, Brown⁰, Bulger.
Wolves (2) 2 (H Wright 16, Galley 34): Sidlow, Taylor, Springthorpe, Thornhill, Cullis, Goddard, Mullen, McIntosh, Galley, H Wright, Steen.

Referee: Mr S Milner (Wolverhampton).

⁰ Guests.