Following on the success we had transcribing the text in the image on this question, I am hoping that lightning will strike twice. This image contains far more text, and is even less legible. It comes from an early draft of the chapter "The Stairs of Cirith Ungol" in The Two Towers. The sketch on the left is Tolkien's rendering of Shelob's Lair.
I was able to read a bit of the text, and it clearly isn't exactly the same as the text in the finished book. The portion I could decipher says:
"No, I don't think so,' said Frodo. 'He is up to no good, of course, but I don't think that he's gone to fetch orcs'"
The closest thing to this that appears in the book is:
`No, I don't think so,' answered Frodo. 'Even if he's up to some wickedness, and I suppose that's not unlikely, I don't think it's that: not to fetch Orcs, or any servants of the Enemy."
-The Lord of the Rings, The Two Towers, Book IV, Chapter 8: "The Stairs of Cirith Ungol"
So the draft was obviously revised a bit before it was finally published, and I would like to know what the draft says, so I can compare it to the finished product, so to speak.
Note 1: Once again, I will offer a bounty of 500 rep points if you choose to transcribe it yourself, although I am not asking you to do so.
Note 2: Having compared the transcripts here with the books, it appears that the contents of this manuscript page were later spread across parts of 3 separate chapters, and little, if any, of the original manuscript text made it into the books without revision.
Note 3: Special thanks to Rand al'Thor for all his hard work. He gets the bounty of 500 points. Thanks also go to Jason Baker for copying the official transcript for his answer; he will get a bounty of 100 points.