Tolkien generally writes in limited third person. We're not living in anyone's head - though he will sometimes tell us what a character is thinking or feeling. For the most part, his writing focuses on dialogue and description. That being said, the scenes are generally written from one character's perspective at a time. Which character it is jumps around, but as a rule for the Frodo/Sam chapters the POV of choice is Sam. In this chapter, we briefly start out with Frodo, since he's the one Faramir shakes awake, but the perspective switches to Sam as he wakes himself and follows. Back to Frodo briefly for his conversation with Sméagol by the pool, and then Sam for the remainder.
Which kinda sucks, because the really interesting and important point of view here is Sméagol. I totally understand why Tolkien would want to avoid writing his POV, but it's a very worthwhile exercise to consider things from his perspective here.
So let's back up and do that.
Since swearing to serve the Master of the Precious, Sméagol has kept his promise to the letter. He's actually gone beyond the letter: he stopped Master from going to the Black Gate and taking the Precious to Him, and told him about the secret stair. All this despite the slow stupid Hobbit being mean and suspicious.
And while he's off gathering food (because Sméagol is very hungry, yes Precious, and the slow stupid Hobbit ruined the nice tender rabbits he so nicely caught for him) Master goes and makes new friends and goes off with them, leaving poor faithful Sméagol all alone. (The fact that they aren't given a choice is in no way apparent to an outside observer - Faramir is far too courteous.) So Sméagol follows, not doing anything, and one of Master's new friends even shoots an arrow at poor Sméagol!
Fast forward to the encounter at the Pool. Once again Sméagol is doing nothing wrong, just getting some fish because he's so hungry, and here comes Master! Just Master, no slow stupid Hobbit, saying nice things and telling Sméagol to follow along. Which he does, straight into the tender arms of Anborn.
(Movie aside: the film did a great job emphasizing just how small Sméagol is. He's child sized compared to the Men of Gondor, which I tend to forget when it's just him, Frodo, and Sam. It was really upsetting for me watching them kick him around.)
And Sméagol gets beaten, and bound, and threatened, and questioned. While Master watches and does nothing.
Redemption is an important theme in this book, and Sméagol is no exception. He was never “wholly ruined,” as Gandalf said so long ago beside the fire in Bag-End. But the path back is not an easy one, and this little episode does nothing to help it along.
Next time, Tolkien gets very literal with his chapter titles as we take a Journey to the Cross-roads.