Here is an example of the latter. This signature is better than most but still not entirely clear. The last five letters are clearly "smith" but what are the first? - "na" or "nu" or something else? are they part of the last name or first name? The two Harlequins below are the only ones with this signature.
White Circle 435
There is a tempting similarity with the signature of Murray Smith who did eight White Circles for Wm. Collins Sons & Co. Canada from 1949 to 1951. The "th" are alike. Smith could have changed his signature over the years.
Harlequin 271 - January 1954
Harlequin 285 - March 1954
White Circle 435 - 1951