In
| Player | Team | Date | Fee |
|---|---|---|---|
| George Milligan | Oldham Athletic | 11 May 1938 | £3,150 |
| Robert McMurray | Glasgow Perthshire | 13 August 1938 | £50 (+£50 add-ons) |
| Arthur Barber | Weston-super-Mare Borough | 14 September 1938 | Free |
| Fred Sweeney | Witton Albion | 7 January 1939 | £50 (+£200 add-ons) |
| William Keenan | Hereford United | 12 January 1939 | £100 (+£150 add-ons) |
| James Caskie | St Johnstone | 15 March 1939 | £3,250 |
| Edward Barber | Blyth Spartans | 28 April 1939 | £50 |
| Total (initial fees only): | £6,650 | ||
- Robert McMurray (Glasgow Perthshire) – Originally on trial.
- Arthur Barber (Weston-super-Mare Borough) – Originally on trial.
- Fred Sweeney (Witton Albion) – Originally on trial.
- Edward Barber (Blyth Spartans) – Originally on trial.
Out
| Player | Team | Date | Fee |
|---|---|---|---|
| Jackie Arthur | Stockport County | May 1938 | Free |
| Fred Laidman | Bristol City | 2 June 1938 | £250 |
| Roy Felton | Port Vale | 2 June 1938 | Free |
| Peter Dougal | Bury | 3 June 1938 | £150 |
| Albert Geldard | Bolton Wanderers | 27 June 1938 | £6,500 |
| Total (initial fees only): | £6,900 | ||
- Jackie Arthur (Stockport County) – Transfer completed around 10th May 1938.
| Income | £6,900 |
| Expenditure | £6,650 |
| Net Spend | -£250 |