^ I think you're correct Neal... In 1948 it appears they placed the fender stay attachment points to the to the rear of the fork and seatstay instead of at the dropouts. My knowledge of Raleigh bicycles is nowhere as expansive as yours, so I shall defer to you as the subject matter expert.
Raleigh Lenton Sports 1948 by
rebalrid, on Flickr
Raleigh Lenton Sports 1948 by
rebalrid, on Flickr