“But I have to stay here till midnight,” said the fat dwarf.

“I will take your turn for you,[110] if you like. I don’t feel sleepy tonight.”

“You are a good fellow, Mr Baggins, and I will take your offer kindly. If there is anything to note, rouse me first! I will lie in the inner room to the left, not far away.”

“Off you go!” said Bilbo. “I will wake you at midnight, and you can wake the next watchman.” As soon as Bombur had gone, Bilbo put on his ring, fastened his rope, slipped down over the wall, and was gone.

He had about five hours before him. Bombur was sleeping; and all the others were busy with Thorin. It was very dark, and the road was strange to him. At last he came to the bend where he had to cross the water to get to the camp. He was almost across when he fell into the cold water with a splash. He had just got out on the far bank, when elves came up with bright lanterns.

“There is a spy about. Hide your lights!” said one of them.

“I am here, if you want me!” said Bilbo and he slipped off his ring.

They seized him quickly. “Who are you? Are you the dwarves’ hobbit? What are you doing? How did you get so far past our watchmen?” they asked.

“I am Mr Bilbo Baggins,” he answered, “companion of Thorin, if you want to know. I know your king well, though perhaps he doesn’t know me. But Bard will remember me, and I want to see Bard. I have only an hour or two.”

So now Bilbo was sitting beside a warm fire in front of a large tent with the Elvenking and Bard. A hobbit in elvish armour, partly wrapped in an old blanket, was something new to them.

“You know,” Bilbo said, “things are impossible. Personally I am tired of the whole affair. But I have an interest in this matter – one fourteenth share,[111] according to a letter, which I have with me.” He took out from a pocket in his old jacket Thorin’s letter that had been put under the clock on his mantelpiece in May! “Personally I am ready to consider all your claims carefully. However you don’t know Thorin Oakenshield well enough. I assure you, he is quite ready to sit on a heap of gold and starve, as long as you sit here.”

“Well, let him!” said Bard. “Such a fool deserves to starve.”

“Quite so,” said Bilbo. “I see your point of view. At the same time winter is coming on fast. Soon there will be snow, and supplies will be difficult – even for elves. Also there will be other difficulties. Have you heard of Dain and the dwarves of the Iron Hills?”

“We have, a long time ago; but what has he got to do with us?[112]” asked the king.

“I see I have some information which you have not got. Dain is now less than two days’ march off, and has at least five hundred dwarves with him – really good warriors. When they arrive there will be serious trouble.”

“Why do you tell us this? Are you betraying your friends, or are you threatening us?” asked Bard gloomily.

“My dear Bard!” said Bilbo. “Don’t hurry! I am just trying to avoid trouble for all. Now I will make you an offer!”

“Let us hear it!” they said.

“It is this!” and he showed them the Arkenstone.

The Elvenking himself stood up in amazement. Even Bard gazed at it in silence.

“This is the Arkenstone of Thrain,” said Bilbo, “the Heart of the Mountain; and it is also the heart of Thorin. He values it above a river of gold. I give it to you. It will help you in your talks with Thorin.” Then Bilbo handed the marvellous stone to Bard, and he held it in his hand.

“I am going back now, and the dwarves can do what they like to me. I hope you will find it useful,” added Bilbo. The Elvenking looked at Bilbo with a new wonder.

“Bilbo Baggins!” he said. “You are more worthy to wear the armour of elf-princes than many others. I advise you to remain with us, and here you will be honoured.”

“Thank you very much,” said Bilbo with a bow. “But I don’t think I should leave my friends, after all we have gone through together. And I promised to wake old Bombur at midnight, too! Really I must go, and quickly.”

So they provided an escort for him, and as he went both the king and Bard saluted him with honour. As they passed through the camp, an old man wrapped in a dark cloak rose from a tent door where he was sitting and came towards them.

“Well done, Mr Baggins!” he said, clapping Bilbo on the back. “There is more about you than anyone expects!”[113] It was Gandalf. For the first time for many days Bilbo was really happy. But there was no time for all the questions that he immediately wished to ask. “All in good time!”[114] said Gandalf. “Things are going to the end now, if I am not mistaken. There is an unpleasant time just in front of you; but keep your heart up![115] There is news that even the ravens have not heard. Good night!”

Puzzled but cheered Bilbo hurried on. He came back on time.

At midnight he woke up Bombur; and soon he was fast asleep forgetting all his worries till the morning. As a matter of fact he was dreaming of eggs and bacon.

Next day the trumpets rang early in the camp. Soon a single runner hurried along the narrow path. At a distance he stood and hailed them, asking Thorin to listen to another offer, because matters were changed.

“Tell them to come few in number[116] and weaponless, and I will hear,” he called to the messenger. About midday a group of twenty men approached the Gate. The dwarves saw that among them were both Bard and the Elvenking, before whom an old man wrapped in cloak and hood carried a wooden box.

“Hail Thorin!” said Bard. “Are you still of the same mind?”[117]

“Did you come to ask me idle questions? Still the elves have not gone!” answered Thorin.

“Is there then nothing for which you would give any of your gold?” asked Bard.

“Nothing that you or your friends have to offer,” said Thorin.

“What about the Arkenstone of Thrain?” said Bard, and at the same moment the old man opened the box and showed the jewel. The light leapt from his hand, bright and white in the morning.

Thorin was shocked. No one spoke for a long while. At last Thorin said: “That stone was my father’s, and is mine. Why should I purchase my own?” Then he added: “But how did you get it?”

“We are not thieves,” Bard answered. “Your own we will give back in return for our own.”

“How did you get it?” shouted Thorin in rage.

“I gave it them!” said Bilbo in a dreadful fright.

“You! You!” cried Thorin, turning upon him and grasping him with both hands. “You miserable hobbit!” he shouted, and he shook poor Bilbo like a rabbit.

“Where is Gandalf? He chose you! I will throw you to the rocks!” he cried and lifted Bilbo in his arms.

“Stay! Here is Gandalf!” said a voice. The old man with the box took off his hood and cloak. “If you don’t like my Burglar, please don’t damage him. Put him down, and listen first to him!”

So Thorin dropped Bilbo on the top of the wall.

“O!” said Bilbo. “I am sure this is all very uncomfortable. Please remember – you told me that I could choose my own fourteenth share. Perhaps I took it too literally.[118] The time was when you thought that I had helped you. So I have disposed of my share[119] as I wished!”

“So,” said Thorin gloomily, “I will let you go at that – and I hope not to meet you again!” Then he turned and spoke over the wall. “I am betrayed,” he said. “I will redeem the Arkenstone, the treasure of my house. For it I will give one fourteenth share of the treasure in silver and gold; but that will be the promised share of this traitor, and with that reward he will go away, and you can divide it. Take him, if you wish him to live.