The scene is set deep in the mines of Moria, during the events of LotR : The Fellowship of the Ring.

Frodo and Gandalf sit beside each other, when one of them spies Golum watching from the shadows.

Frodo : "It's a pity Bilbo didn't kill Golum when he had the chance."

Gandalf : "Pity?

It was pity that stayed Bilbo's hand.

Do not be so eager to deal out death and judgement. Even the very wise cannot see all ends.

Many that live deserve death, and some that die deserve life. Can you give it to them Frodo?

My heart tells me that, Golum still has a part to play, before this is over, for good or ill. The pity of Bilbo could rule the fate of many."

Frodo : "I wish the ring had never come to me."

Gandalf : "So do all who live to see such times; but that is not for them to decide.

All you have to do, is decide what to do with the time that is given to you.

There are other forces at work in this world, Frodo, besides the will of evil. Bilbo was meant to find the ring. Which means you were also meant to have it.

And that is an encouraging thought."