Then the dwarves forgot their joy
and their confident boasts
of a moment before
and cowered down in fright.

Smaug was still to be reckoned with.

It does not do
to leave a live dragon
out of your calculations,
if you live near him.

Dragons may not have
much real use for all their wealth,
but they know it to an ounce as a rule,
especially after long possession;
and Smaug was no exception.

He had passed
from an uneasy dream
(in which a warrior,
altogether insignificant in size
but provided with a bitter sword
and great courage,
figured most unpleasantly)
to a doze,
and from a doze to wide waking.

There was a breath of strange air in his cave.

Could there be a draught from that little hole?

He had never felt quite happy about it,
though it was so small,
and now he glared at it in suspicion
and wondered why he had never blocked it up.

Of late he had half fancied he had caught
the dim echoes of a knocking sound from far above
that came down through it to his lair.

He stirred and stretched forth his neck to sniff.

Then he missed the cup!