Yeah, he might!
Actually, was there a reason other than cost that Renold didn't have engraving on his bells? The impression that I have gotten from the materials that I have read is that Renold was committed to putting the best horn out there that he could, and that he sold them for as little as he could and still turn a profit. Paying an engraver and adding extra time to the production would have meant that he would have to charge his customers more than he was already charging.
I'll have to do some digging on that subject to see what I can find.