279 From a letter to Michael George Tolkien 

30 October 1965

I think it unlikely that we shall move from Oxford. Anywhere in sight of the sea proves too vastly expensive, while the service problem (our chief trouble) is as bad or worse than here. I am not 'rolling in gold', but by continuing to work I am (so far) continuing to have an income about the same as a professor-in-cathedra, which leaves me with a margin above my needs nowadays. If I had not had singular good fortune with my 'unprofessional' work, I should now be eking out a penurious existence on a perishable annuity of not 'half-pay' but more like ¼ pay. Literary capital is not, however, by its originator realizable. If an author sells any of his rights the proceeds (unlike those of other property) are reckoned to be part of his income for the year, and I. tax and Surtax pocket all or nearly all of them. So I certainly cannot provide the thousands¹⁰⁶ now asked for a flat or bungalow near the sea. However, on the income-front things still go well. My campaign in U.S.A. has gone well. 'Ace Books' are in quite a spot, and many institutions have banned all their products. They are selling their pirate edition quite well, but it is being discovered to be very badly and erroneously printed; and I am getting such an advt. from the rumpus that I expect my 'authorized' paper-back will in fact sell more copies than it would, if there had been no trouble or competition.