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This chapter is very similar in both form and content to the previous one.
Form - the first part consists of a journey, with two appearances of the Black Riders (well, one actual appearance plus the screech) to develop tension. The second part is a "safe-place" scene where the Hobbits rest and are fed. Notice that, just as with the scene with Gildor, the Farmer Maggot scene begins with the threat of danger - though here it is only Frodo's imagined fear of Maggot's dogs.
Content - as with the previous chapter, we are still in the Shire and the goal is to reach the house at Crickhollow. Also, in functional terms, both chapters have the basic task of slowly building up suspense via the Black Riders. We have so far had one overheard conversation with a Black rider, three actual visual encounters, one screech, one reported conversation, and one trick encounter (with Merry). It is no easy thing to do what Tolkien is doing. On the one hand, you want to delay the actual confrontation with the Black Riders as long as possible, for that is how you increase the suspense. On the other hand, if the Black Riders don't make enough appearances, the reader will not be reminded of their threat. So every little incident is worthwhile - even the trick at the end of the chapter with Merry serves to remind us of the danger.
Incidentally, cutting across by Maggot's fields is, by my count, the first of three shortcuts that the Hobbits will take on their way to Rivendell (the others being through the Old Forest and across the Midgewater Marshes). The first was rather a success; they evaded the Black Riders and met up with Maggot. It's interesting to compare this with the other two.
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