Locke 2.0 is setting up Richard to believe Locke 1.0 should be "the Other's" leader... To do so, Locke 2.0 gives Richard the compass to give to Locke 1.0 in 2007. Locke 1.0 gives the compass to Richard in 1954 and tells Richard to come see him in two years when he is born. Richard does so.
Flash forward several years, Richard comes to see Locke a second time and asks, "Which of these items belong to you... already." Locke grabs the sand, the compass, and a knife. After Locke takes the knife, Richard believes he isn't "the one." What is the significance of the knife? Well..... if I remember correctly, Locke gave a knife to Ben to kill Jacob. Richard probably knew the knife in Locke's hands would lead to the death of his master, Jacob.
I believe, Richard never though Locke was supposed to be the leader of the "Others," but Locke 2.0 and Jack convinced him he was. Locke 2.0 did it with the compass, and Jack did it by answering Richard's question in the tunnels, "Yea, I know John Locke, and if I were you, I'd give him a chance" (or something along those lines). Richard was basically duped into leading Locke 2.0 to Richard, even when his insticts told him otherwise.
I bet Richard is going to be P.I.S.S.E.D!