The Secret of the Collar  

'They say that Elves sometimes pass through the Shire on their way to the White Towers or to the Sea, or so the old tales go, if you care for such things.

'My husband says he spoke with an Elf camped in the forest near Woodhall, to the south-west. They say Elves know a lot about old writing and such. Perhaps, if my Milo wasn't seeing things that weren't there, that Elf might be able to read the letters. Woodhall is south of Budgeford, and the Elf was supposedly camped on the hill overlooking the town.

'I hope he'll be able to help. I don't mind saying that I'm simply terrified of the wolves.'

You found a collar inscribed with runes you cannot read, apparently buried by the unusually large wolf Linda Bolger saw the night the wolves ran through Budgeford.

Objective 1
Bring rune-inscribed collar to the Elf near Woodhall
An Elf may be camped near Woodhall, south of Budgeford.

Linda Bolger was confounded by your discovery of a collar where she had seen the great wolf. She was unable to read the letters on the collar, but thought that perhaps the Elf thought he saw might be able to decipher them.