A Short Rest is a short chapter. It is our first introduction to elves and to Elrond. Elrond is a minor character in this book, but he will be huge in Lord of the Rings. The elves will be important to this story later on.
The are a few important pieces in this chapter. We learn that elves and dwarves don’t get along very well. The elves think the dwarves are greedy and the dwarves think the elves are silly. We also learn the history of the weapons that were recovered from the trolls’ cave. Thorin’s sword is called Orcrist and Gandalf’s sword is called Glamdring. Bilbo’s knife doesn’t get a name, but his knife and the swords were all made by the high elves in ancient times. That means the have magic, although we don’t learn what kind of magic until later. Most importantly, though, is the discovery of the moon-letters on their map. They read, “Stand by the grey stone when the thrush knocks and the setting sun with the last light of Durin’s Day will shine upon the key-hole.” Without this message, they will have no chance of success later.
As I said, it is a short chapter and it doesn’t feel very meaningful. But the three important items will pay off soon.