# E12 - Price of Betrayal and Price of Gold
Source: [Crunchyroll](https://www.crunchyroll.com/watch/G8WUN110P/price-of-betrayal-and-price-of-gold)
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(Please feel free to edit the speaker names if incomplete or inaccurate. Names are handled on a best-effort basis depending on the info on the source file. Dialogue is left as is.)
***SIGN*** Spice and Wolf
***SIGN*** Spice and Wolf
***SIGN*** Spice and Wolf
***SIGN*** Episode 12
Price of Betrayal
and Price of Gold
**[02:29] Holo**
Is this our touching reunion?
**[02:33] Lawrence**
Holo!
**[02:35] Holo**
You look terrible.
**[02:37] Lawrence**
They betrayed us.
**[02:38] Holo**
I know.
**[02:43] Holo**
I am not good-natured enough
to think this was merely a tumble.
**[02:48] Lawrence**
Y-Yeah...
**[02:56] Holo**
Goodness.
**[02:57] Holo**
There was no need to do all of this.
I would have come to you in time.
**[03:08] Holo**
You are a strange one.
**[03:10] Holo**
The only thing you treated
with care was my cloak.
**[03:12] Holo**
You must have something you wish to say to me.
**[03:15] Holo**
But let me speak first.
**[03:19] Holo**
I may kill humans.
**[03:24] Holo**
I believed I could not continue
my carefree journey with you
**[03:27] Holo**
without the success of this plan.
**[03:31] Holo**
That is why I kept my patience.
**[03:35] Holo**
I am the Wise Wolf Holo.
**[03:37] Holo**
I can casually forgive
the arrogance of a youngster.
**[03:47] Lawrence**
You...
**[03:48] Holo**
Forget about that.
**[03:49] Holo**
I am the Wise Wolf Holo. I am not that
angry about getting on my knees.
**[03:58] Holo**
But what is this?
**[04:01] Holo**
You are a dim-witted fool!
**[04:04] Holo**
Look at your unbearable state!
**[04:07] Holo**
Yet, you still carefully folded my cloak
and protected it from the rain.
**[04:12] Holo**
What an utter fool! Unsaveable!
**[04:18] Holo**
How unbelievably good-natured!
**[04:24] Holo**
Now, Lawrence, we must
make haste to Ruvinheigen.
**[04:29] Holo**
The leader must
take responsibility for betrayal.
**[04:32] Holo**
That is the way of the world.
**[04:34] Lawrence**
No, we have to find Liebert
and the others first.
**[04:36] Lawrence**
Remerio Trading plans to kill Nora!
**[04:39] Lawrence**
Nora will definitely be saved
if you go and rescue her!
**[04:43] Holo**
Is that so?
**[04:44] Lawrence**
Of course!
**[04:45] Lawrence**
Even a hundred fully armed men
would be no problem for you!
**[04:50] Holo**
That is not the problem.
**[04:52] Lawrence**
Then what is?!
**[04:55] Holo**
I am a wolf. She is a shepherd.
**[04:59] Holo**
It is impossible for one to welcome the other.
**[05:02] Lawrence**
You're still hung up on that?
**[05:04] Holo**
Do you not understand?
**[05:05] Holo**
The moment that girl and her dog see me as
a wolf, they will think I am their enemy!
**[05:11] Holo**
I would be in no position to save her life.
**[05:16] Lawrence**
Even so, could you do it?
**[05:18] Lawrence**
I can't turn a blind eye when I know
someone will be unjustly murdered!
**[05:22] Lawrence**
Of course, I will thank you for it!
**[05:25] Holo**
How so?
**[05:26] Lawrence**
As long as you don't ask for Nora's life...
**[05:28] Lawrence**
I will do everything I can
to fulfill your wish!
**[05:39] Lawrence**
Holo...
**[05:43] Holo**
Do not whimper so.
**[05:46] Holo**
Here, hold this.
**[05:47] Lawrence**
Will you do it?
**[05:49] Holo**
Only on one condition.
**[05:52] Holo**
I cannot guarantee the lives of those
who have gotten on my nerves.
**[05:55] Holo**
That, you must understand.
**[05:57] Lawrence**
That's fine.
**[05:59] Lawrence**
Even so, I believe in you.
**[06:02] Holo**
That tongue of yours
has become quite eloquent...
**[06:09] Holo**
I have gotten quite a troublesome
companion for my journey.
**[06:14] Holo**
Come, where are your praises?
**[06:16] Lawrence**
Oh! What a stunning tail!
**[06:20] Holo**
A little wooden, but acceptable.
**[06:25] Holo**
Now, then.
**[06:26] Holo**
Close your eyes for a moment.
**[06:28] Lawrence**
All right.
**[06:43] Holo**
Come. Get on.
**[06:45] Holo**
You cannot hurt me no matter
how tightly you grasp my fur.
**[06:48] Holo**
Do not hold back when climbing up.
**[06:52] Lawrence**
Got it.
**[06:53] Holo**
If you fall off, I will carry you
with my mouth.
**[06:56] Lawrence**
I'll make sure not to fall off.
**[06:58] Holo**
You know...
**[06:59] Lawrence**
What is it?
**[07:00] Holo**
I truly do hate shepherds.
**[07:04] Lawrence**
It'll be fine.
**[07:05] Lawrence**
Whether this smuggling operation succeeds
or fails, Nora will quit being a shepherd.
**[07:11] Holo**
To thank me...
**[07:15] Holo**
You must provide me with more
honey-pickled peaches than I can eat!
**[07:42] Holo**
Hey, we are getting close.
**[07:45] Lawrence**
Yeah.
**[07:48] Holo**
I will jump over them.
You must get off quickly.
**[07:52] Lawrence**
Got it.
**[08:12] Holo**
Come on.
**[08:15] Holo**
Leave the rest to me.
**[08:16] Lawrence**
Yeah.
**[08:23] Merchants**
Wh-What's that?!
**[08:24] Merchants**
No way...
**[08:26] Merchants**
A w-wolf?!
**[08:38] Lawrence**
There she is!
**[08:38] Liebert**
Protect the shepherd and sheep!
**[08:52] Liebert**
Sh-Sh-Shepherd! Protect me!
**[08:58] Liebert**
You must protect me!
**[09:03] Liebert**
Shepherd! If you protect me,
I will pay you three hundred Lumione!
**[09:10] Liebert**
I leave it to you!
**[09:21] Lawrence**
This is bad!
**[10:31] Nora**
Enek, stop!
**[10:44] Lawrence**
Ms. Nora!
**[10:45] Nora**
Huh?
**[10:47] Lawrence**
Thank goodness you're safe!
**[10:49] Nora**
What are you doing here?
**[10:53] Lawrence**
That wolf is Holo. My companion.
**[10:57] Nora**
Huh?
**[11:01] Lawrence**
You didn't kill him?
**[11:02] Holo**
Though I thought about swallowing him whole...
**[11:05] Holo**
Gold would not sit well in my stomach.
**[11:11] Lawrence**
This must be it.
**[11:16] Nora**
U-Um! Wh-why are you
still alive Mr. Lawrence?
**[11:21] Nora**
The m-merchants said
you were both eaten by wolves...
**[11:26] Lawrence**
Ms. Nora, actually...
**[11:28] Liebert**
M-Monster! Don't come any closer!
**[11:34] Lawrence**
Good evening, Mr. Liebert.
**[11:38] Liebert**
Wh-Why are you still...
**[11:41] Lawrence**
Holo. Honey-pickled peaches.
**[11:47] Liebert**
I wasn't the one who
betrayed you! It was Remerio!
**[11:50] Liebert**
I told him we shouldn't do it!
I was against it!
**[11:53] Lawrence**
Please think of this wolf
as a proxy sent by our almighty God.
**[11:57] Lawrence**
Lying will not work against her.
**[12:01] Liebert**
The amount we needed to pay you was too high!
**[12:04] Liebert**
As things stood, our own debts
would eat up the remaining profit!
**[12:08] Liebert**
Remerio told me to do something about it!
**[12:10] Liebert**
I had no choice but to act!
**[12:12] Liebert**
You're also... You're also a merchant like me!
**[12:16] Lawrence**
We're not the same!
**[12:22] Lawrence**
Remerio Trading has betrayed us.
**[12:25] Lawrence**
They planned to kill you as well, Ms. Nora.
**[12:29] Nora**
Everything did seem a little strange.
So that's how it was.
**[12:34] Lawrence**
Now, then.
**[12:35] Lawrence**
This gold is worth six hundred Lumione coins.
**[12:38] Lawrence**
We've been betrayed.
**[12:40] Lawrence**
We could give up the smuggling
and just run with the gold.
**[12:46] Lawrence**
However...
**[12:47] Nora**
However?
**[12:49] Lawrence**
It's true that we wouldn't
have been able to get this gold
**[12:51] Lawrence**
without the funds from Remerio Trading.
**[12:55] Lawrence**
And, if we run away with this gold,
**[12:58] Lawrence**
they will go completely bankrupt.
**[13:02] Lawrence**
So...
**[13:04] Lawrence**
Holo!
**[13:06] Lawrence**
Things aren't over after getting
revenge on them for their betrayal.
**[13:10] Lawrence**
We'll have to continue living after that.
**[13:13] Lawrence**
Then, they may come after us
to get their own revenge.
**[13:16] Holo**
Then...
**[13:17] Lawrence**
Don't say you'll bite everyone here to death!
**[13:23] Lawrence**
There are many ways to finish things.
**[13:26] Lawrence**
If we plan to live on,
**[13:29] Lawrence**
we should make choices
that lead us to that future, right?!
**[13:33] Lawrence**
Without you, I would already be dead.
**[13:37] Lawrence**
I know that we were only able to
make it through this because of you,
**[13:41] Lawrence**
and I'm thankful that you
listened to my request.
**[13:44] Lawrence**
It's just...
**[13:44] Holo**
Enough. Enough.
**[13:47] Holo**
My traveling companion
is truly a troublesome one.
**[13:52] Holo**
Do as you wish.
**[13:56] Lawrence**
Thank you.
**[13:58] Lawrence**
Ms. Nora.
**[13:59] Nora**
Y-Yes.
**[14:00] Lawrence**
This is my suggestion.
**[14:06] Holo**
Now, then.
**[14:08] Lawrence**
What?
**[14:08] Holo**
Why not tell me the truth now?
**[14:13] Lawrence**
Ms. Nora, I'd like you to decide
what to do with the gold.
**[14:16] Nora**
Huh?
**[14:17] Lawrence**
Only, if we smuggle the gold into
Ruvinheigen, it will rise ten-fold in value.
**[14:23] Lawrence**
In other words, six thousand Lumione.
**[14:25] Nora**
Six thousand...
**[14:27] Lawrence**
With that amount of money, we could save
both ourselves and Remerio Trading.
**[14:34] Lawrence**
There wasn't enough gold.
**[14:37] Holo**
Oh?
**[14:38] Lawrence**
That wasn't anywhere near six hundred
Lumione. It was closer to a hundred Lumione.
**[14:43] Holo**
If you split the gold with her, it would
barely be enough to pay off your debt.
**[14:47] Holo**
There would be no profit
if we did not smuggle it in.
**[14:51] Lawrence**
It looks like Remerio is
in a really tough spot.
**[14:54] Lawrence**
The hundred Lumione worth of gold is
probably barely enough for him to recover.
**[14:59] Lawrence**
He knew he wouldn't have
enough money to pay us off.
**[15:03] Lawrence**
That's probably why he agreed
to this plan in the first place...
**[15:09] Holo**
However, that was quite a lofty excuse.
**[15:12] Holo**
It made you sound like a saint.
**[15:15] Lawrence**
I meant more than half of what I said.
**[15:21] Holo**
Get on.
**[15:22] Lawrence**
Are you done questioning me?
**[15:24] Holo**
Your foolishness has merely
rendered me speechless.
**[15:29] Lawrence**
Well, we're not really saving
Remerio Trading for their sake.
**[15:34] Holo**
Oh?
**[15:35] Lawrence**
It's to further our own profits.
**[15:37] Holo**
Further our profits?
**[15:40] Holo**
Even I cannot fathom how you would do that.
**[15:42] Lawrence**
Merchants can turn all sorts
of things into money.
**[15:45] Lawrence**
I should show you my good side
every once in a while.
**[15:47] Holo**
What do you plan to do?
**[15:49] Lawrence**
We're not just saving them.
**[15:51] Lawrence**
We'll have Remerio Trading
pay for what they've done.
**[15:54] Lawrence**
Leave the rest to me.
**[16:02] Holo**
Then, I think I will drink some wine
and wait for your good news.
**[16:15] Remerio**
Five hundred, you say?!
**[16:17] Lawrence**
Yes, I'd like you to buy the gold
we smuggled in for five hundred Lumione.
**[16:21] Remerio**
I provided enough money for a hundred Lumione.
**[16:24] Remerio**
How could I pay five hundred for it?!
**[16:26] Lawrence**
Too expensive? Then, let's see.
**[16:31] Remerio**
Hey! What are you doing?!
**[16:35] Lawrence**
I'll take the money you prepared to run with
and sell the gold to someone else.
**[16:41] Lawrence**
You can split the payment over ten years.
**[16:43] Lawrence**
You created such a large trading company,
**[16:46] Lawrence**
I'm sure five hundred Lumione
will be nothing to you in the long run.
**[16:52] Lawrence**
Well, then. Let's prepare
the statement of debt.
**[16:54] Remerio**
U-Um, who will be owed the money?
**[16:57] Lawrence**
The Rowen Merchant Association.
**[16:59] Lawrence**
I may not be able to collect
all five hundred Lumione as an individual,
**[17:03] Lawrence**
but the association will be sure
to collect it in full within ten years.
**[17:07] Remerio**
What a fearsome man.
**[17:12] Jacob**
I was so worried! You unfilial son!
**[17:18] Jacob**
Good job coming back
to your home in Ruvinheigen.
**[17:24] Jacob**
However...
**[17:25] Jacob**
You managed to come up with something
like this when you had no money?
**[17:28] Jacob**
What kind of bad things did you do?
**[17:30] Lawrence**
I didn't do much.
**[17:32] Lawrence**
Well, I just managed to
bring in some gold. Literally.
**[17:36] Jacob**
Gold?
**[17:40] Jacob**
Sounds good. I'll buy this loan off of you.
It's worth thirty Lumione up front.
**[17:45] Jacob**
You'll get another hundred once
Remerio Trading gets back on their feet.
**[17:49] Lawrence**
That much? Thank you very much!
**[17:54] Jacob**
That should be enough
to turn some profit, right?
**[17:57] Lawrence**
Well...
**[18:00] Holo**
So, in reality?
**[18:02] Lawrence**
With the trouble we caused
the merchant association,
**[18:04] Lawrence**
the debt payment, Nora's share,
and a few other things...
**[18:09] Lawrence**
Well, we've broken even.
**[18:13] Holo**
What? What happened to further profits?
**[18:17] Lawrence**
Those profits were what allowed us
to recover from the loss.
**[18:22] Holo**
Now, then.
**[18:24] Holo**
There are two things I wish to ask.
**[18:28] Lawrence**
What is it?
**[18:29] Holo**
How much do you trust that girl?
**[18:34] Lawrence**
Even if Nora runs with the gold,
we'll be able to chase after her.
**[18:37] Lawrence**
That was the extent of my distrust
when I handed her the gold.
**[18:42] Holo**
Well, I guess that is about it.
**[18:44] Lawrence**
Your second question?
**[18:48] Lawrence**
I'll answer anything you ask.
I owe you so much this time.
**[18:55] Lawrence**
Aren't you going to ask?
**[19:01] Holo**
I believe the girl should be returning soon.
**[19:20] Holo**
Do you...
**[19:22] Holo**
Do you remember?
**[19:24] Holo**
Whose name did you call
when I faced the girl and her dog?
**[19:31] Holo**
I was so angry that I did not hear it.
**[19:35] Holo**
But you must have called one of our names.
**[19:40] Holo**
Do you remember?
**[19:46] Lawrence**
I called your name.
**[19:51] Holo**
You just lied!
**[19:53] Lawrence**
Yeah, I did.
**[19:54] Lawrence**
I actually don't remember, myself.
**[19:57] Lawrence**
Even so...
**[19:59] Lawrence**
At the time, I think I called your name.
**[20:04] Lawrence**
There was no time to lose.
**[20:06] Lawrence**
I'm sure I would have chosen
your name without realizing it.
**[20:10] Lawrence**
That's because...
**[20:14] Lawrence**
That's because your name is
a little shorter than hers.
**[20:19] Lawrence**
On top of that, even if I called out Nora
quickly, you would've realized it.
**[20:24] Lawrence**
But Holo can be said in a split second.
**[20:27] Lawrence**
You just may not have heard it
because you were angry.
**[20:30] Lawrence**
What do you think? I think it's a convincing...
**[20:32] Holo**
Shut up!
**[20:34] Lawrence**
Ouch...
**[20:36] Holo**
You called my name
merely because it was shorter?!
**[20:39] Holo**
You fool!
**[20:41] Holo**
What makes me so angry is that
you seriously believe that!
**[20:47] Lawrence**
H-Hey...
**[20:52] Holo**
Come, try calling out a name.
**[21:33] Holo**
Hey, you!
**[21:43] Lawrence**
Holo.
**[21:46] Lawrence**
Holo is definitely much easier to say.
**[21:53] Holo**
Fool!
***SIGN*** Episode 13
***SIGN*** Supper of Three and Afternoon of Two
**[23:45] Holo**
Next Episode:
"Supper of Three and Afternoon of Two"