Was probably overpriced - that kind of money almost bought you a handbuilt machine from one of the smaller builders. For comparison a Raleigh Lenton Grand Prix 10-speed cost 25 guineas
Blimey, I'd forgotten about purchase Tax, a bit before my time but people still asked about it when I started in a bike shop as I gather it was cheaper to buy the bits and build it up....
They were just budget hubs back in the day. I've got some well patina'd ones on my BSA and they're totally dependable. Not bad for something 60+ years old. Sure they're heavier than alloy Normandy, Harden or Airlites, but they've got their place on lower end bikes and look the part. I think the thing was, Resilion were quite innovative in the 30s and made high quality components. By the 50s, most companies had moved on but Resilion were still turning out the same sort of stuff in chromed steel, so were probably seen as a bit backward.