In 1938 the company was listed on the Melbourne Stock Exchange with a signed-up capital of £500,000 in £1 shares. (and doubled to £lm. in 1953) The wool business thrived during wartime, and major expansion was carried out on Adam Street, but expansion onto South Road (then known as Taylor's Road) was opposed by nearby residents, no doubt on account of the smell which accompanies wool processing. In 1947 a new private company, G. H. Michell & Sons (SA) Ltd., was formed with a nominal capital of £100,000 and two shareholders: R. J. and G. H. Michell.
