The song is interesting .... partly for me since it was the first part of LOTR I encountered in an anthology ... I remember being delighted at "recognising" an expanded version of the old nursery rhyme... so while it refers back in ME time to the creation stories which would be little known myth to the hobbits (though Galadriel would have known them as fact) they also refer forward to the world we know and nonsense rhymes for English children ..... and the oral tradition does last well it did to my pre computerised/pre-video generation.. . I remember a similar feeling of delighted recognition when I realised that a song I sang in the Brownies 20 years earlier was a slightly corrupted version of the folksong/lute song Lord Randall ..... I couldn't believe my ears .... even the tune was distinctly recognizable......
by the by I believe that it was the first thing Viggo shot as he arrived as a newcomer when the rest of the team had been together for months ... the start of method acting...
Oh I also noticed the idea of further hobbit communities when I reread .... but where? I wonder ... the Gladden ones had been abandoned and the Nazgul drew many blanks on their search? A more distant vista? Were there Hobbits on the far downs before Elanor & co removed there perhaps...