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(did you mean Carpenter's Letter #351?)

TCG Letter #351 / Carpenter Letter #135

J.R.R. Tolkien
Rayner Unwin
24 October 1952
Autograph Letter Signed
A printer had estimated that to recover costs The Lord of the Rings would have to be priced at £3 10s at a minimum and would cost more if divided into two volumes. A second opinion was being sought from another printer. Tolkien regretted having produced such a sizable monster in unpropitious days and thanked Rayner for all his trouble. Tolkien hoped that the decision whether or not to go ahead with publication of the work would be made soon for the uncertainty weighed heavily on his heart. He could neither dismiss it as a disaster and turn to other things nor develop related items such as the maps.

Tolkien called the given estimate very big for any book, asking if they did publish at that price how many they would print and how many would they have to sell to realize a profit? Tolkien claimed that there were large numbers of people who were avid for such fare, who delighted in length, and who would be willing to pay for it. However he did not want to hazard a guess as to these people’s numbers.

Tolkien had just gone through three weeks of incessant labor and now faced a calmer period of lecturing and teaching, examining a thesis on Fairy Tales, editing a monograph, producing a contribution to "Essay and Studies" journal, completing his edition of Ancrene Wisse, and writing the W.P. Ker Lecture for Glasgow. Tolkien wished to find a new place to live since his charming house had become uninhabitable due to the noise and fumes of modern life. He also regretted that the recent billowing cloud was not the fall of Barad-dûr but the product of its allies.

The first page of this letter is reproduced in The Lord of the Rings: Souvenir Booklet Commemorating Twenty Five Years of Its Publication on page 8.
The Lord of the Rings: Souvenir Booklet Commemorating Twenty Five Years of Its Publication, p. 8
The Letters of J.R.R. Tolkien (1981), pp. 164-5, p. 443 (Carpenter notes)
Error in hardcover and Kindle editions: Barad-dur > Barad-dûr p. 239
Cartas de J.R.R. Tolkien, pp. 249-50, p. 632 (notas de Carpenter)

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