Let the smaller resistance be \( R \) and the larger resistance be \( R_2 \). For a meter bridge, the relation between the resistances and the balancing point is:
\[
\frac{R}{R_2} = \frac{L}{100 - L}
\]
Where \( L \) is the balancing point.
Initially, the balancing point is at \( L = 20 \, \text{cm} \), so:
\[
\frac{R}{R_2} = \frac{20}{80} = \frac{1}{4}
\]
Thus, \( R = \frac{R_2}{4} \).
When a \( 15 \, \Omega \) resistance is added in series with \( R \), the total resistance becomes \( R + 15 \), and the new balancing point is at \( L = 40 \, \text{cm} \). So:
\[
\frac{R + 15}{R_2} = \frac{40}{60} = \frac{2}{3}
\]
From this, we solve for \( R \), and we get:
\[
R = 9 \, \Omega
\]
Thus, the smaller resistance is \( \boxed{9 \, \Omega} \).