• First State

• Bowing Hobbit on title page

• Frontispiece attached to stub of excised second page

• List of illustrations is not correct

• Two states of binding seen, with and without bands of horizontal ribbing

• Second State

• Bowing hobbit on title page replaced with man playing flute under tree (publisher's device)

• second page is integral, half title, blank on reverse

• List of illustrations corrected

• No horizontal ribbing on binding

Published 1 March 1938, 5000 copies, $2.50 ea.