25 October, 1924
Dear Mr Kitchin,
I have had an estimate for printing the book. The story is an awkward length as it only makes 176 pages and we could not charge more than 6/- for this. I will therefore explain the situation exactly to you. The cost of printing 1000 copies and binding 500 comes to £76-2-3. Thus the total costs of printing and publishing will amount to a minimum of
114 £114 and a maximum of £134 £140, allowing about £25 for advertizing. I estimate that the maximum loss should be about £60 and the maximum profit £36. We should have to sell over 600 copies to cover expenses, and you would do extremely well with a first book of this length if you sold 600 copies.
Would you, under these circumstances, consider allowing us to publish it on the half profit system, i.e. that you on the one side and we on the other should bear half the loss or take half the profit as the case may be. We should be very glad to do it on those terms, if you would also give us the first refusal of your next book.
Yours sincerely | Leonard Woolf [signature]