Paper makes point about cunning fellows (9)
I believe the answer is:
parchment
'paper' is the definition.
(parchment is a kind of paper)
'makes point about cunning fellows' is the wordplay.
'makes point' becomes 'pt' (I can't explain this - if you can you should believe this answer much more).
'about' indicates putting letters inside.
'cunning' becomes 'arch' (I've seen this before).
'fellows' becomes 'men' (I've seen this before).
'arch'+'men'='archmen'
'pt' placed around 'archmen' is 'PARCHMENT'.
Can you help me to learn more?
(Other definitions for parchment that I've seen before include "Old writing material" , "Writing sheet made from animal skin" , "Skin prepared for writing on" , "Paper made from animal skin" , "sheepskin" .)