Joe you wrote How could Claud, Les, Stuart and the likes of Charles Noble (I believe your local emporium) charge £40.00+ for a bike in the late 40's and early 50's if everyone was skint?
It all comes back to what people could afford and do'nt believe many club folk were in a position to buy a frame/bike outright but selected to use the readily available high purchase by the cycle and makers you mentioned . Its worth remembering there were many clubfolk other than the younger generation who were married some with young families and were unable to afford a second machine on the low wage structure of the era. As it was it would take them around two years to pay off their debt one first purchase and in the meantime to consider keeping the bike maintained , cafe stops on a Sunday all day plus as you point out B&B at 7/6d all amounted to further costs beyond the initial purchase of any extra bikes.
On a more light hearted view, Sussex people where I was born and bred were always a bit careful how they spent there hard earned cash!! Maybe thats a clue to conclude our debate!
Thanks for your comments , I would gather we are never going to agree on the subject so I'll conclude with the old saying " We beg to differ ".
Doug Smith
North Dorset
UK