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 think it strange," said he, "that I make so little of it, I may say that I have certainly seen gold which is in no way inferior, but actually better."

The King's men now laughed heartily and said that that promised good sport, adding:

"Will you agree to wager with us that you have seen gold as good as this, and prove it? We will stake four marks in current coin against your knife and belt; and the King shall decide who is in the right."

Then said Guest: "I will neither be made a laughing-stock for you nor fail to keep the wager which you offer. And I will certainly lay a wager with you on the spot, and stake exactly what you have suggested, and the King shall judge who is in the right."

Then they stopped talking, and Guest took his harp and played it well till far into the evening, so that it was a joy to all who heard him. What he rendered best was The Harping of Gunnar; and last of all he played the ancient Wiles of Guthrun, neither of which they had heard before. And after that they went to sleep for the night.

III.  In the morning the King rose early and heard Mass; and after that he went to breakfast with his retinue. And when he had taken his place in the high seat, the guests came up to him, and Guest with them; and they told him all about their agreement and the wager which they had made.

"I am not much taken with your wager," replied the King, "although it is your own money that you are staking. I suspect that the drink must have gone to your heads; and I think you would do well to give it up, especially if Guest agrees."

"My wish is," replied Guest, "that the whole agreement should stand."

"It looks to me, Guest," said the King, "as if it was my men rather than you whose tongues have got them into trouble; but we will soon put it to the test."

After that they left him and went to drink; and when the drinking tables were removed, the King summoned Guest and spoke to him as follows:

"Now is the time for you to produce the gold if you have any, so that I can decide your wager."

"As you will, Sire!" replied Guest.

Then he felt in a pouch which he had with him, and took out of it a fob which he untied, and then handed something to the King.

The King saw that it was a piece of a saddle-buckle and that it was of exceedingly fine gold. Then he bade them bring the ring Hnituth; and when they did so, the King compared the ring and the piece of gold and said:

"I have no doubt whatever that the gold which Guest has shown us is the finer, and anyone who looks at it must think so too."

Everybody agreed with the King. Then he decided the wager in Guest's favour, and the other guests came to the conclusion that they had made fools of themselves over the business.

Then Guest said: "Take your money and keep it yourselves, for I don't need it; but don't make any more wagers with strangers, for you never know when you may hit upon someone who has both seen and heard more than you have.—I thank you, Sire, for your decision!"

Then the King said: "Now I want you to tell me where you got that gold from, which you carry about with you."

Guest replied: "I am loth to tell you, because no-one will believe what I have to say about it."

"Let us hear it all the same," said the King, "for you promised before that you would tell us your story."

"If I tell you the history of this piece of gold," replied Guest, "I expect you will want to hear the rest of my story along with it."

"I expect that that is just what will happen," said the King.

IV.°  "Then I will tell you how once I went south into the land of the Franks. I wanted to see for myself what sort of a prince Sigurth the son of Sigmund was, and to discover if the reports which had reached me of his great beauty and courage were true. Nothing happened worth mentioning until I came to the land of the Franks and met King Hjalprek. He had a great court around him. Sigurth, the son of Sigmund, the son of Völsung, and of Hjördis, the daughter of Eylimi, was there at that time. Sigmund had fallen in battle against the sons of Hunding, and Hjördis had married Alf the son of King Hjalprek. There Sigurth grew up together with all the other sons of King Sigmund. Among these were Sinfjötli and Helgi, who surpassed all men in strength and stature. Helgi slew King Hunding, thereby earning the name Hundingsbani. The third son was called Hamund. Sigurth, however, outstripped all his brothers, and it is a well-known fact that he was the noblest of all warrior princes, and the very model of a king in heathen times.

At that time, Regin, the son of Hreithmar, had also come to King Hjalprek. He was a dwarf in stature, but there was no-one more cunning than he. He was a wise man, but malign and skilled in magic. Regin taught Sigurth many things and was devoted to him. He told him about his birth and his wondrous adventures.

And when I had been there a little while, I entered Sigurth's service like many others. He was very popular with everybody, because he was friendly and unassuming, and generous to all.

V.°  It chanced one day that we came to Regin's house and Sigurth was made welcome there. Then Regin spoke these verses: