Thank you folks! I noted another mistake: in "ƿ = p" the first letter is actually not runic ᚹ but a cursive variant of the Latin letter p. Updated version:

Dear Charles,

Thank you for your letter. I am glad to hear that you enjoyed the "Ring" books.

Your runic letter was correct and readable. But the runes used in *The Hobbit* are not my invention. Just as the language of the time was turned into English, so were the runes of the day. So I used a selection, more or less applicable to modern English spelling, of the runes formerly used by the English in England. Owing to the competition of the Latin letters the runes went out of use, & were never in fact used for writing books except the two letters borrowed from the Runic Alphabet and used in writing *English*: ᚦ and ᚹ, written forms þ and ƿ ( distinct from ? = p ). þ was used for *th*, -- or rather, represented the *sounds* we shall have in *thin*, *this*, until it was replaced by *th* in the 14th. century. It lingered on ( broken down in shape to y, [two more cursive variants]) in the abbreviations *yᵉ* *yᵗ* = *the*, *that*, which [half page not shown] in English did not, [3-4 words not shown] in use, require a letter for z; and they did not use z in their own language, except occasionally for *ts* (as mod. German)

Various signs occur which seem to be used for *x* (=ks): among them Ψ.

Of course the Runes were properly used to spell by *sound* and they do not fit mod. English spelling very well. The *Angerthas* at the end of Vol iii will give you plenty of signs for all the sounds of English, and more -- or for the letters and most common letter-combinations, if you care to rearrange them.

Yours sincerely

J.R.R.Tolkien

Sorry, I didn’t mean to imply that “mod.” is the only world before “German”. There is another word there, which looks to me like “as”, which would make sense, but not 100% about that.

Where are people seeing the sentence ending "not the z in their own language, except occasionally for *ts* (mod. German)"? In my viewing of the video, that line is above the top of the video frame.

Aelfwine wrote:

Where are people seeing the sentence ending "not the z in their own language, except occasionally for *ts* (mod. German)"? In my viewing of the video, that line is above the top of the video frame.

Not the first time but the second time it cuts to the letter, right before he flips it back over to the front and sets it on the table. You can even see a line or two above that for a split second as he flips it, but it’s too blurry (for me at least) to make out what it says (something about Z).

At about 18 seconds in the clip here.

You can see a little bit more,

in use, require a (rest of sentence not shown)
not use z in their own language , except
occasionally for ts (as mod. German)

OK, thanks for this. The correct reading is:

[First partial line:] in use, require a ...
not use z in their own language, except
occasionally for ts (as mod. German)

Trotter wrote:

You can see a little bit more,

in use, require a (rest of sentence not shown)

Aelfwine wrote:

[First partial line:] in use, require a ...

This is what I was referring to (see photo). The rest of this line is shown, briefly, it’s just blurry because he’s moving the letter. You can even see part of a line above that one (next to his thumb). Could conjecture about some of the words.

From Philomythos's image:

[finger] in English did not, ...
in use require a letter for z; and they did
not use z in their own language, except
occasionally for ts (as mod. German)
Various [etc. as above]

Thanks as always Aelfwine for your keen eye and experience reading Tolkien's handwriting (even when blurry letters moving on a screen!)

Thanks to all, transcription at the top of this page updated :)