Hér skal heyra hvé skáldin hafa kent skáldskapinn eptir þessum heitum er áðr eru rituð, svá sem er at kalla Kvasis dreyra ok dverga skip, dverga mjǫð, jǫtna mjǫð, Suttunga mjǫð, Óðins mjǫð, Ása mjǫð, fǫðurgjǫld jǫtna, lǫgr Óðreris ok Boðnar ok Sónar ok fyllr, lǫgr Hnitbjarga, fengr ok fundr ok farmr ok gjǫf Óðins,
III. “Now you shall hear how the skalds have termed the art of poesy in these metaphorical phrases which have been recorded before: for example, by calling it Kvasir’s Gore and Ship of the Dwarves, Dwarves’ Mead, Mead of the Æsir, Giants’ Father-Ransom, Liquor of Ódrerir and of Bodn and of Són, and Fullness of these, Liquor of Hnitbjörg, Booty and Find and Gift of Odin,