Saturday 23 December 1939 at Fellows Park (Att 5,448)

Walsall (2) 3 (Brown 15, Wood 18, Alsop 69): Williams, Shelton, Male, Richards, Morgan, Godfrey, Hancocks, Adams, Alsop, Brown⁰, Beesley.
Wolves (1) 5 (Westcott 29, Dorsett 51 54 67 86): Sidlow, Gardiner, Taylor, Goddard, Galley, Thornhill, Mullen, McIntosh, Westcott, Dorsett, Steen.

Referee: Mr T Smith (Atherstone).
Order of Goals: w,w,W,W,W,W,w,W.

⁰ Guests.