Thorolf Skallagrim's son made him ready one summer for a trading voyage; he purposed what he also performed, to go to Iceland and see his father. He had now been long abroad. By this he had got great store of wealth and many costly things. When ready for the voyage, he went to king Eric. And at their parting the king delivered to Thorolf an axe, which he said he wished to give to Skallagrim. The axe was snag-horned, large, gold-mounted, the hilt overlaid with silver; it was most valuable and costly.

Thorolf went his way as soon as he was ready, and his voyage sped well; he came with his ship into Borgar-firth, and at once hastened home to his father. A right joyful meeting was theirs. Then Skallagrim went down to Thorolf's ship, and had it drawn up, and Thorolf went home to Borg with twelve men. But when he came home, he gave Skallagrim King Eric's greeting, and delivered to him the axe which the king had sent him. Skallagrim took the axe and held it up, looked at it awhile, but said nothing. He fixed it up by his seat.

It chanced one day in the autumn at Borg that Skallagrim had several oxen driven home which he meant to slaughter. Two of these he had led under the house-wall, and placed with heads crossing. He took a large flat stone, and pushed it under their necks. Then he went near with the axe - the king's gift - and hewed at the oxen both at once, so that he took off the heads of the two. But the axe smote down on the stone, so that the mouth broke, and was rent through all the tempered steel. Skallagrim looked at the edge, said nothing, but went into the fire-hall, and, mounting to the wall-beam, thrust the axe up among the rafters above the door. There it lay in the smoke all the winter.

But in the spring Thorolf declared that he meant to go abroad that summer.

Skallagrim forbade him, saying: ''Tis good to drive home with your wain whole. You have,' said he, 'gotten great honour by travel; but there is the old saw, "Many farings, many fortunes." Take you now here as much share of the property as you think will make you a great man.'

Thorolf said he would make yet one journey more. 'And I have,' said he, 'an urgent errand for the journey. But when I come back next time I shall settle here. But Asgerdr, your foster-child, shall go out with me to her father. This he bade me when I came west.'

Skallagrim said Thorolf would have his way.

Thereafter Thorolf went to his ship, and put it in order. And when all was ready they moved the ship out to Digra-ness, and it lay there waiting a wind. Then Asgerdr went to the ship with him. But before Thorolf left Borg Skallagrim went and took down from the rafters over the door the axe, the king's gift - and came out with it. The haft was now black with smoke, and the blade rusted. Skallagrim looked at the axe's edge. Then he handed it to Thorolf, reciting this stave:

'The fierce would-wolf's tooth-edge
Hath flaws not a few,
An axe all deceitful,
A wood cleaver weak.
Begone! worthless weapon,
With shaft smoke-begrimed:
A prince ill-beseemed it
Such present to send.'

Þórólfr Skalla-Grímsson bjóst eitt sumar til kaupferðar, ætlaði þá, sem hann gerði, at fara til Íslands ok hitta föður sinn. Hann hafði þá lengi á brottu verit. Hann hafði þá ógrynni fjár ok dýrgripi marga.

En er hann var búinn til ferðar, þá fór hann á fund Eiríks konungs. En er þeir skilðust, seldi konungr i hendr Þórólfi öxi, er hann kveðst gefa vilja Skalla-Grími. Öxin var snaghyrnd ok mikil ok gullbúin, upp skellt skaftit með silfri, ok var þat inn virðiligsti gripr.

Þórólfr fór ferðar sinnar, þegar hann var búinn, ok greiddist honum vel ok kom skipi sínu í Borgarfjörð ok fór þegar bráðliga heim til föður síns. Varð þar fagnafundr mikill, er þeir hittust. Síðan fór Skalla-Grímr til skips móti Þórólfi, lét setja upp skipit, en Þórólfr fór heim til Borgar með tólfta mann.

En er hann kom heim, bar hann Skalla-Grími kveðju Eiríks konungs ok færði honum öxi þá, er konungr hafði sent honum. Skalla-Grímr tók við öxinni, helt upp ok sá á um hríð ok ræddi ekki um, festi upp hjá rúmi sínu.

Þat var um haustit einn hvern dag at Borg, at Skalla-Grímr lét reka heim yxn mjök marga, er hann ætlaði til höggs. Hann lét leiða tvá yxn saman undir húsvegg ok leiða á víxl. Hann tók hellustein vel mikinn ok skaut niðr undir hálsana. Síðan gekk hann til með öxina konungsnaut ok hjó yxnina báða senn, svá at höfuðit tók af hvárumtveggja, en öxin hljóp niðr í steininn, svá at muðrinn brast ór allr ok rifnaði upp í gegnum herðuna. Skalla-Grímr sá í eggina ok ræddi ekki um, gekk síðan inn í eldahús ok steig síðan á stokk upp ok skaut öxinni upp á hurðása. Lá hon þar um vetrinn.

En um várit lýsti Þórólfr yfir því, at hann ætlaði útan at fara um sumarit.

Skalla-Grímr latti hann, sagði, at þá var gott heilum vagni heim at aka. "Hefir þú," sagði hann, "farit fremðarför mikla, en þat er mælt, er ýmsar verðr, ef margar ferr. Tak þú nú hér við fjárhlut svá miklum, at þú þykkist verða mega gildr maðr af."

Þórólfr sagði, at hann vill enn fara einhverja ferð, - "ok á ek nauðsynlig erendi til fararinnar. En þá er ek kem út öðru sinni, mun ek hér staðfestast. En Ásgerðr, fóstra þín, skal fara útan með mér á fund föður síns. Bauð hann mér um þat, þá er ek fór austan."

Skalla-Grímr kvað hann ráða mundu, - "en svá segir mér hugr um, ef vit skiljumst nú, sem vit munim eigi finnast síðan."

Síðan fór Þórólfr til skips síns ok bjó þat. En er hann var albúinn, fluttu þeir út skipit til Digraness, ok lá þar til byrjar. Fór þá Ásgerðr til skips með honum.

En áðr Þórólfr fór frá Borg, þá gekk Skalla-Grímr til ok tók öxina ofan af hurðásum, konungsgjöfina, ok gekk út með. Var þá skaftit svart af reyk, en öxin ryðgengin. Skalla-Grímr sá í egg öxinni. Síðan seldi hann Þórólfi öxina. Skalla-Grímr kvað vísu:

Liggja ýgs í eggju,
ák sveigar kör deiga,
fox es illt í öxi,
undvargs flösur margar.
Arghyrnu lát árna
aftr með roknu skafti.
Þörfgi væri þeirar,
þat vas inga gjöf, hingat.