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?’