Davies began working life as a clerk in Cardiff Docks. He had a flair for statistics and organisation, and in partnership with C. P. Hailey he built up a considerable business, including the formation of investment trusts. He also became Secretary of the Coal and Shipping Exchange in Cardiff.The Times, 6 December 1954, p. 10 Over many years, Davies successfully built up his business interests based around the traditional industries of South Wales, coal and railways. He was sometime Director of the Cambrian Railways and Chairman of the Totton and Fawley Light Railway Company. He later became Chairman of the Agwi Petroleum Corporation,The Times, 25 May 1923, p. 20 which was later absorbed into Esso. He diversified into property and was a Director of the Anglo-Scottish Amalgamated Trust,The Times, 4 August 1922, p. 18 Chairman of the Status Investment Trust LtdThe Times, 9 August 1919, p. 17 and a director of other companies.The Times, 15 October 1919, p. 18The Times, 16 March 1920, p. 22
