Bilbo has mixed feelings, including excitement, worry, and pride, after killing the spiders and rescuing the dwarves.
After Bilbo drives the spiders away, his secret concerning the magic ring must be explained to the dwarves who insist "on having the Gollum story, riddles and all, told all over again, with the ring in its proper place" (150). Bilbo feels a slight tinge of regret upon having to give us his secret weapon, fearing that their grand opinion of him might lessen upon hearing the truth.
In fact, the oposite holds to be true, and the dwarves respect Bilbo all the more for having been their deliverer again with the aid of his magic ring.
"In fact they praised him so much that Bilbo began to feel there really was something of a bold adventurer about himself after all, though he would have felt a whole lot bolder still, if there had been anything to eat" (150)
Bilbo experiences a mix of emotions after having killed the spiders, shifting from elatement at their retreat, dread at having to explain the ring, and then self-pride at the dwarves' praise...and of course, hunger. Bilbo remains hungry throughout the majority of his adventure, much to his unending dissatisfaction.