After a long battle with NDHQ in Ottawa over the garter/buckle being removed going back over a decade, in 1936 a new design was finally approved. Here is a good link that details the situation.
https://servicepub.wordpress.com/201...of-the-garter/
The cap badge pictured is shows the design without the buckle but still retaining the ribbed 48. I have this example in both white metal and brass. Both examples are not maker marked.