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01x05 - Wolf Incarnate and Obedient Lamb

Episode transcripts for the TV show, "Spice and Wolf: Merchant Meets the Wise Wolf". Aired: April 2, 2025.*
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Merchant Kraft Lawrence discovers a wolf deity named Holo sleeping in his cart.

01x05 - Wolf Incarnate and Obedient Lamb

Post by bunniefuu »

ORIGINAL STORY BY ISUNA HASEKURA

The incarnation of a wolf?

If that's the case,

this letter is outright blackmail.

If you don't want her

to be taken to the church,

you must stay put

until the business deal is finished.

Yes. But there's no guarantee that they

won't go to the church once it's done.

Moreover, we have already invested

quite a bit in silver Trenni coins,

which are supposedly increasing in value.

If we withdraw now,

we will suffer a huge loss.

We have no choice but to take action.

But let's say that we retrieve

your companion and harbor her.

If they report us

and we're raided by the church,

we will have no choice but to act

like obedient lambs.

There is nowhere you can hide

within this town.

What if I take her and leave this town?

We're completely surrounded by plains.

You'd have to be really lucky to escape.

They might take her to another town

and report her there.

At that point, there's no stopping them.

If you think about what they will gain,

there is no way

of solving this with money.

After all, this is their chance to get rid

of us, their competitors.

So you're saying we have to give up on

our profit

and wait for them to report on us?

If only there was something

we could use against them

We do have one thing.

We can become the whistleblowers and tell

the church that Medio Trading Company

has your companion.

But that will put you in a tight spot.

In the worst-case scenario,

you might testify against us.

I most definitely will.

The biggest gain

that comes from that silver coin deal

are the privileges you can obtain

from the King of Trenni, right?

Yes. According to our research,

the royal family

is under considerable financial strain.

They must be.

After all, they're going as far as

melting down

existing coins to create more silver coins

with lower purity.

That may create more money for now,

but in the long run, it will ruin

their reputation and cause more damage.

The royal family

must really be tight on money

to decrease the silver content

despite that.

In exchange for the silver coins

they need to melt down,

there is a high chance

that they will give out

privileges like mining rights,

the right to set tariffs,

and rights to regulate the market.

That is the biggest gain we can expect

from this time's

purchasing of silver coins.

Well then, before

Medio Trading Company can expose us,

why don't we complete that deal first

and use that "biggest gain"

as a bargaining chip?

And make them buy the privileges from us?

Yes. If they have to choose between

those privileges

and shutting down your company,

don't you think Medio Trading Company

will give up on exposing us?

But we are sworn enemies

and they have

what it takes to burn us at the stake.

I don't know if they will

negotiate with us.

No, but look at it from

the perspective of the King of Trenni.

Huh?

He wouldn't want the public to know

that he made a deal with a company

that was exposed as heretics.

I see.

If we are flagged by the church,

the king, who made a deal with us,

will also become the church's enemy.

If we enter into a contract

with him first,

Medio wouldn't be able to report anything

that would incur the king's enmity.

It would be a double suicide, if anything.

If our trading company

requests compensation

and the return of your companion

in exchange for the privileges

Yes, I'm sure they will agree.

That is the only way

for Medio Trading Company

to gain those privileges.

Your methodology sounds good.

But that will

come with great difficulties.

According to my speculation,

Medio Trading Company

hasn't finished collecting silver coins.

What is that based on?

This involves taking advantage of

the king's weakness.

That is why they were scheming to

attain silver coins

secretly and cheaply,

by using merchants like us.

If they already had enough silver coins,

they could've gone to the church

as soon as they got Holo.

But rather than doing that,

they tried to stop us.

That shows their lack of confidence.

Meaning, they are not yet finished

collecting silver coins.

I see.

Then how do you plan to take action?

I will take back Holo

and stay on the run

until negotiations are done.

That's absurd!

Even if we can't escape them completely,

we can buy some time.

During that time, I need you to collect

silver coins and start negotiations.

That's impossible!

Then will you report Holo?

I will testify against you, if you do.

If you cooperate with us,

we can be on the run for a day or two.

This is an incarnation of a wolf,

we're talking about.

This time, she purposely got caught

just to let me escape.

Humans are no match for her

if she uses her abilities like normal.

Let me ask you

How much time do you need

to collect enough silver coins

to negotiate with the king?

If we head to Trenni Castle

right now by horse,

we can arrive before sunset tomorrow.

If we can agree to a deal on the spot,

we can come back

the day after tomorrow, around sunrise.

"Right now"?

But you still don't know how many

silver coins you will end up with.

We'll negotiate with estimates.

As long as we can collect

the actual silver coins

by the settlement date, it's fine.

Can you make the king

agree to a deal on the spot?

At Milone Trading Company,

we can make anyone

agree to a deal on the spot

if we put our mind to it.

So, you already know where Holo is, right?

We are the Milone Trading Company.

We experience things like surprise attacks

on our employees

and people setting fire to our stores

all the time.

So we are fully prepared

for emergency situations.

However, there is one big obstacle.

-The church?

-That's right.

They are spread out across

more nations and towns than us,

and are prepared for anything.

And so,

we must put an end to this

before they make their move.

Honestly, I wanted to identify who is

behind Medio Trading Company

before starting negotiations.

Then we could've found out

where they're getting coins

and seized that for ourselves

or approximated from there.

That is too bad.

I pray for your safety and success.

I promise to live up to your expectations.

The codeword to identify ourselves

will be "Pireon" and "Numai."

The two main gold coins?

Doesn't it sound lucky?

Did you memorize the route?

Once underground,

I keep my hand on the wall to my right

and walk forward, right?

Yes. And please wait

at the end of the path.

Holo is captured inside the building

on top of that?

Yes. We've confirmed that.

The retrieving process will begin

with the sound of the market bells.

If it goes well, the cap will open

above you at the end of the path

and your companion will come down.

If you hear the word "rache,"

please wait for our associate.

If you hear "peloso,"

please escape through the route

as planned.

Either "economic boom"

or "recession," huh?

Isn't it easy to remember?

We're almost there.

How dangerous!

Watch out!

I'm sorry!

Mr. Lawrence, now is your chance.

Quickly!

Who knew they were this prepared?

I've heard that the church digs

underground passages

for espionage and tax evasion

under the pretense

of digging graves though.

It should be here

Please

I don't want it to get violent.

What am I trembling for?

It's late

Am I at the wrong place?

Rache.

Rache.

Numai!

Pireon.

Holo!

So we take these and make it look

like a burglary?

Hurry!

I can't get down unless you move.

What are you just standing there for?

These are yours.

Take them and hurry down the path.

Okay

Pireon.

Pireon!

Numai.

I'm glad it worked out

There are always surprises

when doing business.

There's one more person.

He will come out from another spot.

He'll give information on Medio

to our people before leaving town.

-It's so well-thought-out.

-I wish you the best of luck.

Good to go.

I'm glad you're safe.

Did you just say, "I'm glad you're safe"?

Yeah.

Say my name.

-Holo, right?

-It's Holo the Wisewolf!

I can name every being

who has humiliated me throughout my life.

Now I have to add a new name to that list.

In other words, you!

Huh?

Did I not tell you to "come save me"?

Yes

I

I completely assumed that

you were the one who came and

It's so vexing just thinking about it.

Don't tell me you

If you're a male,

it's common sense

to sharpen your fangs and fight!

How could you just hide inside that hole!

Because of that,

I embarrassed myself for nothing.

But you were safe, right?

I'm glad you were safe.

As long as you have that wheat,

I won't die.

I'm so cute,

I easily win over male humans.

It's just that

there are no male humans

who can handle me.

I told them their "thing"

would fall off if they touched me

and they all turned pale

and became frightened.

Jeez

My goodness

But there was an exception.

Huh?

Who do you think I saw among the ones

who captured me?

Who did you see?

Yarei. You know him, right?

Yarei?

From Pasloe Village.

It seems he heard my name from Zheren.

So, did you talk to him?

Just a little.

Can you guess what he said?

This guy named Zheren

mentioned the name Holo.

The first thing that came to mind

was the village's god of harvest.

It was real, wasn't it?

I

I was

I know it's pathetic,

but I was happy about that.

But after that, he said

Those days where we had to gain your favor

are in the past now.

We don't have to be afraid

of your changing mood anymore.

We'll turn you over to the church

and break away from the old days.

I was so upset and sad.

Well, it all depends on your perspective.

To go back to the north, you would've

had to leave that land anyway.

If they want you gone,

just kick sand in their faces

as you leave.

That way you don't have to

hesitate either.

However, don't leave empty-handed.

We are merchants.

Anything goes, as long as we profit.

We only smile when we get our money

and only cry when we're bankrupt.

And

we will smile.

I feel much better.

I haven't conversed with people

for a few hundred years.

So it's hard to control my emotions.

This is the second time

I've cried in front of you,

but I would've cried

even if it wasn't you.

Do you get what I'm trying to tell you?

-To not get the wrong idea?

-Yes.

I'm also putting up with you

to make a profit.

Our job is to stay on the run until

Milone Trading Company seals the deal.

I can't have you sobbing while we do that.

So even if the person crying

in front of me wasn't you, I'd still

That's unfair, don't you think?

It's a female's privilege.

We're here.

Were you able to catch your breath?

Not yet.

The one backing up

the Medio Trading Company

is Count Erhendott.

The merchants who buy wheat

within his territory

are their main sources of silver coins.

Please inform Mr. Marlheit.

Of course.

There's something special

about people who bring in a good profit.

Are you talking about these ears?

Looking at you two,

it makes me want to go back to being

a traveling merchant again.

I wouldn't recommend it.

You might end up picking up

something like her.

Well, the driver's box is too big

for just one person.

That would be a dream come true.

Look at what I go through

just because I was picked up by you.

You really are unfair, you know.

But that just adds to my cuteness, right?

Well, I do think you are cute.

I'm so happy.

You, too, are such a cute little boy.

Next time,

"The Merchant and Unreasonable God."