Once Gollum drags off his catch, bilbo hurries to retrieve the ring, putting it in his pocket for safe keeping.
bilbo tells him that it is quite all right, and that Gollum can just show him the way out instead of giving him his prize.
Orcrist was not, as Dickey had said, the name of the sword used by bilbo Baggins in the Misty Mountains in “The Hobbit.”
kind of sword noted for temper and elasticity, 1590s, from Bilbao, town in northern Spain where swords were made, in English Bilboa. The town name is Roman Bellum Vadum "beautiful ford" (over the Nervion River).