Bilbo continues to use his cleverness, resorting here even to deception in order to avert the battle that is developing and allow peace to be negotiated. He takes advantage of Bombur, the foolish dwarf who fell into the enchanted stream, and uses the ring's power of invisibility to be taken to Bard. In giving Bard the Arkenstone, he takes a great risk: It is not his property; it belongs to Thorin. Bilbo also assumes that his judgment and motives are superior to those of Thorin, who is willing to go to war for the treasure in Smaug's lair.
These final chapters seem to suggest the folly of war. Bilbo's development along the journey, which he thought was in preparation for slaying a dragon, now seems to be have been for the cause of peacemaking.
