Englandi ræðr yngvi
einn — hefsk friðr at beinni —
bǫðrakkr bœnar nǫkkva
barkrjóðr ok Danmǫrku.
Ok hefr (odda Leiknar)
jalm-Freyr und sik malma
(hjaldrǫrr haukum þverrir
hungr) Nóregi þrungit.
Yngvi, bǫðrakkr nǫkkva bœnar barkrjóðr, ræðr einn Englandi ok Danmǫrku; friðr hefsk at beinni. Ok malma jalm-Freyr hefr þrungit und sik Nóregi; hjaldrǫrr þverrir hungr haukum Leiknar odda.
The king, the battle-bold reddener of the bark of the ship of prayer [(lit. ‘bark-reddener of the ship of prayer’) BREAST > MAIL-SHIRT > WARRIOR], alone rules England and Denmark; peace commences the more easily. And the Freyr <god> of the noise of weapons [(lit. ‘noise-Freyr of weapons’) BATTLE > WARRIOR] has forced under him Norway; the battle-eager one diminishes hunger for the hawks of the Leikn <giantess> of spears [VALKYRIE > RAVENS/EAGLES].
[1] ræðr: réð Holm2, 325V, J2ˣ, 321ˣ, Bæb, 61, 68, 325XI 2 g, 325VII, Flat, Tóm
[1] ræðr ‘rules’: Ms. Kˣ’s pres. tense is the minority form, with all ÓH mss except Holm4 showing pret. réð ‘ruled’. However, a tense-progression within the stanza from ræðr (first helmingr) to hefr þrungit ‘has forced’ (ll. 5, 8; second helmingr) makes more sense than one from réð to hefr þrungit.