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his wits, and he said to his daughter-in-law, Esmeralda: ‘There’s something fishy in this, my dear! I believe that mad Baggins is off again. Silly old fool. But why worry? He hasn’t taken the vittles with him.’ He called loudly to Frodo to send the wine round again.

      Frodo was the only one present who had said nothing. For some time he had sat silent beside Bilbo’s empty chair, and ignored all remarks and questions. He had enjoyed the joke, of course, even though he had been in the know. He had difficulty in keeping from laughter at the indignant surprise of the guests. But at the same time he felt deeply troubled: he realized suddenly that he loved the old hobbit dearly. Most of the guests went on eating and drinking and discussing Bilbo Baggins’ oddities, past and present; but the Sackville-Bagginses had already departed in wrath. Frodo did not want to have any more to do with the party. He gave orders for more wine to be served; then he got up and drained his own glass silently to the health of Bilbo, and slipped out of the pavilion.

      As for Bilbo Baggins, even while he was making his speech, he had been fingering the golden ring in his pocket: his magic ring that he had kept secret for so many years. As he stepped down he slipped it on his finger, and he was never seen by any hobbit in Hobbiton again.

      He walked briskly back to his hole, and stood for a moment listening with a smile to the din in the pavilion, and to the sounds of merrymaking in other parts of the field. Then he went in. He took off his party clothes, folded up and wrapped in tissue-paper his embroidered silk waistcoat, and put it away. Then he put on quickly some old untidy garments, and fastened round his waist a worn leather belt. On it he hung a short sword in a battered black-leather scabbard. From a locked drawer, smelling of moth-balls, he took out an old cloak and hood. They had been locked up as if they were very precious, but they were so patched and weatherstained that their original colour could hardly be guessed: it might have been dark green. They were rather too large for him. He then went into his study, and from a large strong-box took out a bundle wrapped in old cloths, and a leather-bound manuscript; and also a large bulky envelope. The book and bundle he stuffed into the top of a heavy bag that was standing there, already nearly full. Into the envelope he slipped his golden ring, and its fine chain, and then sealed it, and addressed it to Frodo. At first he put it on the mantelpiece, but suddenly he removed it and stuck it in his pocket. At that moment the door opened and Gandalf came quickly in.

      ‘Hullo!’ said Bilbo. ‘I wondered if you would turn up.’

      ‘I am glad to find you visible,’ replied the wizard, sitting down in a chair, ‘I wanted to catch you and have a few final words. I suppose you feel that everything has gone off splendidly and according to plan?’

      ‘Yes, I do,’ said Bilbo. ‘Though that flash was surprising: it quite startled me, let alone the others. A little addition of your own, I suppose?’

      ‘It was. You have wisely kept that ring secret all these years, and it seemed to me necessary to give your guests something else that would seem to explain your sudden vanishment.’

      ‘And would spoil my joke. You are an interfering old busybody,’ laughed Bilbo, ‘but I expect you know best, as usual.’

      ‘I do – when I know anything. But I don’t feel too sure about this whole affair. It has now come to the final point. You have had your joke, and alarmed or offended most of your relations, and given the whole Shire something to talk about for nine days, or ninety-nine more likely. Are you going any further?’

      ‘Yes, I am. I feel I need a holiday, a very long holiday, as I have told you before. Probably a permanent holiday: I don’t expect I shall return. In fact, I don’t mean to, and I have made all arrangements.

      ‘I am old, Gandalf. I don’t look it, but I am beginning to feel it in my heart of hearts. Well-preserved indeed!’ he snorted. ‘Why, I feel all thin, sort of stretched, if you know what I mean: like butter that has been scraped over too much bread. That can’t be right. I need a change, or something.’

      Gandalf looked curiously and closely at him. ‘No, it does not seem right,’ he said thoughtfully. ‘No, after all I believe your plan is probably the best.’

      ‘Well, I’ve made up my mind, anyway. I want to see mountains again, Gandalf – mountains; and then find somewhere where I can rest. In peace and quiet, without a lot of relatives prying around, and a string of confounded visitors hanging on the bell. I might find somewhere where I can finish my book. I have thought of a nice ending for it: and he lived happily ever after to the end of his days.

      Gandalf laughed. ‘I hope he will. But nobody will read the book, however it ends.’

      ‘Oh, they may, in years to come. Frodo has read some already, as far as it has gone. You’ll keep an eye on Frodo, won’t you?’

      ‘Yes, I will – two eyes, as often as I can spare them.’

      ‘He would come with me, of course, if I asked him. In fact he offered to once, just before the party. But he does not really want to, yet. I want to see the wild country again before I die, and the Mountains; but he is still in love with the Shire, with woods and fields and little rivers. He ought to be comfortable here. I am leaving everything to him, of course, except a few oddments. I hope he will be happy, when he gets used to being on his own. It’s time he was his own master now.’

      ‘Everything?’ said Gandalf. ‘The ring as well? You agreed to that, you remember.’

      ‘Well, er, yes, I suppose so,’ stammered Bilbo.

      ‘Where is it?’

      ‘In an envelope, if you must know,’ said Bilbo impatiently. ‘There on the mantelpiece. Well, no! Here it is in my pocket!’ He hesitated. ‘Isn’t that odd now?’ he said softly to himself. ‘Yet after all, why not? Why shouldn’t it stay there?’

      Gandalf looked again very hard at Bilbo, and there was a gleam in his eyes. ‘I think, Bilbo,’ he said quietly, ‘I should leave it behind. Don’t you want to?’

      ‘Well yes – and no. Now it comes to it, I don’t like parting with it at all, I may say. And I don’t really see why I should. Why do you want me to?’ he asked, and a curious change came over his voice. It was sharp with suspicion and annoyance. ‘You are always badgering me about my ring; but you have never bothered me about the other things that I got on my journey.’

      ‘No, but I had to badger you,’ said Gandalf. ‘I wanted the truth. It was important. Magic rings are – well, magical; and they are rare and curious. I was professionally interested in your ring, you may say; and I still am. I should like to know where it is, if you go wandering again. Also I think you have had it quite long enough. You won’t need it any more, Bilbo, unless I am quite mistaken.’

      Bilbo flushed, and there was an angry light in his eyes. His kindly face grew hard. ‘Why not?’ he cried. ‘And what business is it of yours, anyway, to know what I do with my own things? It is my own. I found it. It came to me.’

      ‘Yes, yes,’ said Gandalf. ‘But there is no need to get angry.’

      ‘If I am it is your fault,’ said Bilbo. ‘It is mine, I tell you. My own. My Precious. Yes, my Precious.’

      The wizard’s face remained grave and attentive, and only a flicker in his deep eyes showed that he was startled and indeed alarmed. ‘It has been called that before,’ he said, ‘but not by you.’

      ‘But I say it now. And why not? Even if Gollum said the same once. It’s not his now, but mine. And I shall keep it, I say.’

      Gandalf stood up. He spoke sternly. ‘You will be a fool if you do, Bilbo,’ he said. ‘You make that clearer with every word you say. It has got far too much hold on you. Let it go! And then you can go yourself, and be free.’

      ‘I’ll do as I choose and go as I please,’ said Bilbo obstinately.

      ‘Now, now, my dear hobbit!’ said Gandalf. ‘All your long life we have been friends, and you owe me something. Come! Do as you promised: give it up!’

      ‘Well,

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