This was a cheaper Raleigh make, mainly sold to non cycle trade retailers, and export. Deliberately made to look different from raleigh. The main Raleigh makes were sold through specialist cycle dealers who had spares and service ability. So that the large store type outlets were not seen to be directly in competition with the cycle specialist, manufacturers made special models that looked a bit different.
Still looks late 1930's to me.
I remember the Raleigh connection from somewhere. Must have read it but can't remember where now. My brother-in-law had one when I was a lad, very similar (I think!) to the one shown. It was blue anyway! I think he must have bought it in the mid'late 50s though. Sadly I commandeered it while he was away for a while, stripped it down, hand-painted it light green, fitted some old motor-bike 'bars (mountain bikes are nothing new!) and used it for 'tracking'. He was furious when he got back. I reckon it was his fault for 'abandoning' it in our garage within reach of a bike-mad 12 year old!
Today is the yesterday of tomorrow.