Instead of starting from a memorized formula, we can build the relationship from the physical picture of what's happening: the traveller races around the ring once per revolution of the spindle, so the distance it covers in one revolution is the ring's circumference.
First, convert the spindle speed into revolutions per second:
\[ N = 15430 \text{ rpm} = \frac{15430}{60} \approx 257.17 \text{ rev/s} \]
Since the traveller completes one full trip around the ring (a distance equal to the ring's circumference, \( \pi D \)) for every one revolution, and it does this 257.17 times every second at a linear speed of 30 m/s, the circumference must satisfy:
\[ \pi D \times 257.17 = 30 \text{ m/s} \]
Solving for the circumference:
\[ \pi D = \frac{30}{257.17} \approx 0.1167 \text{ m} \]
Solving for the diameter:
\[ D = \frac{0.1167}{\pi} \approx 0.0371 \text{ m} = 37.1 \text{ mm} \]
Among the given choices, this value sits closest to 37.7 mm, with the other options (62.8 mm, 35.5 mm, and 0.628 mm) being far less consistent with the calculated ring size.
Therefore, the correct answer is 37.7 mm.