'Pas de reclamé tapageuse - Une fabrication consciencieuse' might translate as 'No flashy advertising - Conscientiously manufactured'. Joanny Panel's Le Chemineau is striking out for the moral high-ground in its battle with Albert Raimond's Cyclo.

This low-res, deliberately smudged, scan is from the web site of the excellent Musée d'Art et d'Industrie in St-Étienne.

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• Publisher: L'Industrie des Cycles et Automobiles
• Country: France
• Date: January 1928
• Derailleur brands: Chemineau
• Derailleurs: none