By the time of World War II the majority of Arsenal shares were held by Samuel Hill-Wood and Sir Bracewell Smith, the MP for Holborn and a future Lord Mayor of London.
After his death, the shareholding of Sir Bracewell Smith was divided between his son and daughter and ended up in the hands of his grandchildren, Sir Charles Bracewell-Smith, Clive Carr (Life-President), Richard Carr (still a director) and Sarah Carr, now Lady Phipps-Bagge [REF].