And again, we come back out the next hole.

The red arrow points to the first loop of the kettle stitch. When we complete the row of stitching we have just started and that of the following signature, we will have returned to this point. At that time we will complete the kettle stitch by sewing through this loop, creating a locking stitch. This will be the first completed kettle stitch. We are looking ahead here; full instructions are given when we reach that point. This is only pointed out now because we will be a little while in getting back to this end of the text block to finish the kettle stitch.