Excerpt from The story of the glittering plain : first trial page printed at the Kelmscott Press.

Title devised by cataloger.
Forms part of a group of designs, proofs, letters, etc., evidently compiled by Sydney Cockerell and concerning the early days of the Kelmscott Press and William Morris's work as typographical designer; removed from library's copy of: A note / by William Morris on his aims in founding the Kelmscott Press ; together with a short description of the press by S. C. Cockerell, & an annotated list of the books printed thereat. Hammersmith : Printed at the Kelmscott Press ; Sold by the trustees of the late William Morris, 4 March 1898 (PML 76897); with the individual items comprising this collection of accompanying materials cataloged separately.
One of two trial pages printed on Batchelor paper at Morris's newly founded Kelmscott Press on January 31, 1891, taken before the uppercase E and N of Morris's Golden type were cast, with the opening word "THE" consequently printed as "THF", and with the lowercase "g" Morris would later discard in favor of a lighter version. The text is an excerpt from chapter 10 of Morris's The story of the glittering plain, the first line reading: The old man answered not a word ...
The 2nd state, according to Sydney Cockerell, with "THE" printed with an F in place of the E, the 1st state having "THE" printed as "THT". See: Sotheby's sale lot no. 1, with a reproduction of the first pull of the trial sheet with Cockerell's annotations identifying it as a 1st state.