e King's business all summer, for he had been
appointed to guard the coasts of 'The Bay' against Danish raids. He
never failed to be with King Olaf at mid-winter.

Ulf had many fine treasures to bring to the King, which he had got
during the summer, and one gold ring in particular which was called
Hnituth. It was welded together in seven places and each piece had a
different colour. It was made of much finer gold than rings usually
are. The ring had been given to Ulf by a landowner called Lothmund,
and before that it had belonged to King Half, from whom the
Halfsrekkar take their name. The ring had come to them as forced
tribute from King Halfdan Ylfing. Lothmund had asked Ulf in return for
it that he would guard his home with the support of King Olaf, and Ulf
had promised to do so.

Now King Olaf was keeping Yule in magnificent style at his court in
Trondhjem; and it was on the eighth day of Yule that Ulf gave him the
gold ring Hnituth. The King thanked him for the gift as well as for
all the faithful service which he had constantly rendered him.

The ring was passed round the building in which the drinking was going
on.--As yet no halls had been built in Norway. Now each man showed it
to his neighbour and they thought that they had never seen such
fine gold as that of which the ring was made. At last it came to the
guest-table, and so to the guest who had just arrived. He looked at
the ring and handed it back on the palm of his hand--the hand in which
he had been holding his drinking horn. He was not much impressed with
the treasure, and made no remarks about it, but went on jesting with
his companions. A serving-man was pouring out drink at the end of the
guest-table.

"Do you not like the ring?" he asked.

They said; "We all like it very much except the new-comer. He can't
see anything in it; but we think he can't appreciate it simply because
he doesn't care for things of this kind."

The serving-man went up the hall to the King and told him exactly what
the guests had said, adding that, the new-comer had taken little note
of the treasure, valuable as it was, when it was shown to him.

Then the King remarked: "The new-comer probably knows more than you
think: he must come to me in the morning and tell me a story."

Now he and the other guests at the farthest table were talking among
themselves. They asked the new-comer where he had seen a better ring
or even one as good as this.

"Since you evidently thin