So far in this story bilbo is a hobbit with great luck and courage. cite an incident from this chapter that demonstrates that bilbo also has leadership qualities and good sense.

"Suddenly Bilbo understood. Forgetting all danger he stood on the ledge and hailed the dwarves, shouting and waving. [...] Quickly Bilbo explained. They all fell silent: the hobbit standing by the grey stone, and the dwarves with wagging beards watching impatiently. The sun sank lower and lower, and their hopes fell. It sank into a belt of reddened cloud and disappeared. The dwarves groaned, but still Bilbo stood almost without moving. The little moon was dipping to the horizon. Evening was coming on. Then suddenly when their hope was lowest a red ray of the sun escaped like a finger through a rent in the cloud. A gleam of light came straight through the opening into the bay and fell on the smooth rock- face. The old thrush, who had been watching from a high perch with beady eyes and head cocked on one side, gave a sudden trill. There was a loud crack. A flake of rock split from the wall and fell. A hole appeared suddenly about three feet from the ground."

In this scene, Bilbo is just as depressed as everybody else. He sees no way out of the situation and is embittered by the fact that he is to lead them all, without any help from anyone. But when he sees the thrush, he just forgets about the fear and gloom, thinks, and acts - which is leaderly behavior.