We see fate at work, in regards to Bilbo's character development for he is becoming more of a thief‹and this is essential to his ability to succeed as a hero. Bilbo's devices are the last major point of analysis that we should focus upon. First, we can see his successful theft of a key as a symbolic grasp for knowledge and opportunity; we should also see this as foreshadowing the same lock-and-key burglary that will be required of Bilbo at Smaug's cave. Second, Bilbo is able to maintain clear thinking while the dwarves are depressed and the jailers are drunk. The combination of wine imagery and the method of escape that is employed are allusions to Ulysses's escape from Polyphemus' cave. Liquor was used to lull the captor into a deep sleep and Ulysses had his men escape within the outflow of cargo. Bilbo's sympathy is evidence that he is not the simple archetypal hero: while Ulysses taunted his tormentor, Bilbo returns the set of keys after he has finished using them. This way, the jailer will not be seriously punished. Though he is willing to use an imbalance of power to his advantage, his Trojan Horse style of battle never becomes offensive and within a broader literary context, we can see Bilbo's ability to remain "moral" while using deceit as a revision of the Ulysses story that began in Dante's Inferno. Chapter Ten: A Warm Welcome

Bilbo is still separated from his compatriots and he has the task of separating their barrels from the rest of the group. As they approach Laketown, Bilbo is sure to listen to the different wood-elves and lake-men that he remains hidden from. But for a long while, all Bilbo can do is wait for the seemingly endless river to take its course and bring him and his cargo to a place where he might safely bring them to shore. When Bilbo is able to do this, he finds the barreled dwarves in poor condition‹but at least they are alive, and very grateful to Bilbo for his services. The Master of this region is familiar with the prophecy that foretells the reclamation of Smaug's horde of stolen treasure. Accordingly, Thorin is heralded and celebrated as a hero, for he is the descendant of Thror, King under the Mountain. The Master permits several days of celebration, offers aid and is happy when the group leaves ‹ he is rather sure that they are going to fail on their mission: Smaug is dangerous. When they leave, the dwarves and Bilbo now take the watery course, replenished and more confident than before. Bilbo is "the only person thoroughly unhappy."
Analysis:

In the region called Mirkwood, we learn of the murky nature of politics in the Middle Earth.