Authors:

The dwarves of course are quite obviously, couldn't you say that in many ways they remind you of the Jews? Their words are Semitic obviously, constructed to be Semitic. Hobbits are just rustic English people, made small in size because it reflects (in general) the small reach of their imagination - not the small reach of their courage or latent power.

Source: www.tolkienlibrary.com
The dwarves of course are quite obviously, couldn't you say that in many ways they remind you of the Jews? Their words are Semitic obviously, constructed to be Semitic. Hobbits are just rustic English people, made small