# E3 - Port Town and Sweet Temptation
Source: [Crunchyroll](https://www.crunchyroll.com/watch/G14U411MD/port-town-and-sweet-temptation)
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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.)
**[00:04] Holo**
What a grand town!
**[00:06] Lawrence**
That's Pazzio.
**[00:08] Holo**
Does a king reside here?
**[00:11] Lawrence**
It's a town of nobles and merchants.
There's no king here.
**[00:17] Holo**
I cannot believe there is a town
with so many people and no king...
**[00:21] Lawrence**
Don't you need to hide your face?
**[00:24] Holo**
Face?
**[00:25] Lawrence**
People from Pasloe might travel through here.
**[00:29] Lawrence**
I was wondering if they would recognize you.
**[00:31] Holo**
Oh, is that all.
**[00:34] Lawrence**
You were in that village for hundreds of years.
**[00:36] Lawrence**
Don't they have legends about you?
**[00:38] Holo**
There are.
**[00:40] Holo**
"Holo sometimes appears
in the form of a beautiful girl."
**[00:44] Holo**
"She looks like she is in her mid-teens
with flowing hair, wolf ears,
**[00:49] Holo**
and a dark brown tail
that is white at the tip."
**[00:54] Holo**
"As long as you keep her form a secret,
**[00:56] Holo**
she promises a bountiful harvest
in the following year."
**[01:00] Lawrence**
They know all your characteristics!
**[01:03] Holo**
Hmph.
**[01:05] Holo**
No one will recognize me.
**[01:06] Holo**
They've long forgotten me.
**[01:10] Lawrence**
I see.
**[01:14] Holo**
Hey, you.
**[01:17] Holo**
They will not recognize me, right?
**[01:20] Lawrence**
That's what I'm hoping.
**[01:27] Holo**
Well, I'm sure it will be fine.
***SIGN*** Spice and Wolf
***SIGN*** Spice and Wolf
***SIGN*** Spice and Wolf
***SIGN*** Episode 3
Port Town and Sweet Temptation
**[03:03] Holo**
There seems to be a lot of delicious things!
**[03:06] Lawrence**
What good looking apples.
**[03:07] Holo**
Right? Do they not look enticingly delicious?!
**[03:13] Lawrence**
Yeah.
**[03:17] Lawrence**
That's right.
**[03:18] Lawrence**
An acquaintance of mine
invested in an apple venture.
**[03:21] Lawrence**
He put more than half of
his entire assets in it.
**[03:24] Lawrence**
His total worth may be
much higher than mine now.
**[03:28] Lawrence**
I should have also invested.
**[03:30] Holo**
Y-Yes, that is quite unfortunate.
**[03:33] Lawrence**
But it was a risky gamble.
**[03:35] Lawrence**
I'd rather invest in a commercial ship.
**[03:37] Holo**
Commercial ship?
**[03:39] Lawrence**
Merchants who have contracts with one
another pool their money to borrow one.
**[03:43] Lawrence**
The amount of storage space you can use
depends on the amount you paid.
**[03:48] Lawrence**
What's wrong?
**[03:49] Holo**
The apples...
**[03:52] Holo**
I wish to eat some apples.
**[03:54] Lawrence**
Oh, so that's what it was.
**[04:02] Lawrence**
Here.
**[04:03] Lawrence**
Buy as many as you'd like.
**[04:08] Lawrence**
Who spends an entire silver coin on apples?
**[04:12] Holo**
You were the one who said
I could buy as many as I'd like.
**[04:15] Lawrence**
Make sure you earn your own keep.
**[04:18] Holo**
You pretended you didn't notice earlier.
**[04:22] Lawrence**
It must feel nice to know
what others are thinking so clearly.
**[04:26] Lawrence**
I'll have one myself...
**[04:28] Lawrence**
Ouch!
**[04:29] Holo**
These are mine!
**[04:31] Lawrence**
I'm the one who paid for them!
**[04:33] Holo**
I am the Wise Wolf Holo.
I can earn this amount of money quickly.
**[04:37] Lawrence**
Well, I'm looking forward to it.
**[04:40] Lawrence**
That silver coin was for
tonight's room and board!
**[04:48] Holo**
Apples are the devil's fruit.
**[04:50] Holo**
They are full of irresistibly sweet temptation.
**[04:54] Lawrence**
If you're a wise wolf, why don't you
try to overcome such greed?
**[04:57] Holo**
You may lose many things due to greed,
but you gain no benefits from abstinence.
**[05:08] Lawrence**
We'll be selling the furs at the
Milone Trading Company over there.
**[05:12] Holo**
I believe there were bigger buildings
on our way here.
**[05:16] Lawrence**
This is the third largest trading company here.
**[05:18] Lawrence**
However, this is just a branch of a very
large company that is well-established
**[05:21] Lawrence**
in a country farther south.
**[05:23] Lawrence**
In other words, they often
purchase items at a higher price
**[05:26] Lawrence**
to compete in the market as outsiders.
**[05:28] Lawrence**
On top of that...
**[05:29] Holo**
"They are able to collect a lot of information
from their various branches," right?
**[05:35] Holo**
Since they run a trading company
that crosses borders,
**[05:37] Holo**
they must be sensitive to the changes
of the currency market...
**[05:41] Lawrence**
E-Exactly...
**[05:44] Lawrence**
I want to investigate the information that
young man named Zheren gave us.
**[05:51] Cargo Loader**
Welcome to the Milone Trading Company.
**[05:53] Lawrence**
There are a lot of people.
**[05:55] Guide**
It's almost time for our
grand expedition to the North.
**[05:58] Guide**
The number of wares being taken to and
from Ruvinheigen has been overwhelming.
**[06:01] Lawrence**
No one wishes to waste
money-making opportunities.
**[06:03] Guide**
You're right about that.
**[06:05] Guide**
So, what business do you have with us today?
**[06:07] Lawrence**
You purchased wheat from me before.
Today, I'd like to sell you some fur pelts.
**[06:12] Guide**
Business is always welcome. Right this way.
**[06:17] Appraiser**
Thank you for considering
our trading company today.
**[06:20] Appraiser**
Mr. Kraft Lawrence, wasn't it?
**[06:22] Lawrence**
Please just call me Lawrence.
**[06:24] Lawrence**
I'm honored you still remember
my name from three years ago.
**[06:28] Appraiser**
No, no. Pardon.
**[06:30] Appraiser**
I hear you wish to sell fur pelts today?
**[06:35] Lawrence**
Yes. I have seventy marten pelts
of good quality today.
**[06:40] Appraiser**
What fine pelts.
**[06:42] Appraiser**
Crops have been bountiful this year,
so we haven't obtained many marten pelts.
**[06:46] Lawrence**
I'm sure that all the farmers have
their hands full with the farm work this year.
**[06:48] Lawrence**
Even so, I managed to collect
this many high quality fur pelts.
**[06:51] Appraiser**
They are more than acceptable.
**[06:53] Appraiser**
Then, since we've done business
with you before,
**[06:58] Appraiser**
how about 132 coins of Trenni silver?
**[07:05] Lawrence**
Hm, it is hard to come across
furs of this quality.
**[07:09] Lawrence**
I was hoping to deepen
our relationship through this trade...
**[07:15] Appraiser**
Our company would love to do so as well.
**[07:18] Appraiser**
Taking our future relationship
into consideration...
**[07:21] Appraiser**
How about 140 silver coins?
**[07:25] Lawrence**
Yes, then let's...
**[07:29] Lawrence**
Please excuse me for a moment.
**[07:32] Lawrence**
What is it?
**[07:33] Holo**
I know nothing about the market.
How is the price?
**[07:36] Lawrence**
Pretty good.
**[07:40] Appraiser**
Then, is this price acceptable?
**[07:43] Holo**
140 Trenni silver coins!
**[07:46] Holo**
Is that what you said?
**[07:49] Appraiser**
Oh, yes.
**[07:50] Appraiser**
I said 140 Trenni silver coins.
**[07:53] Holo**
I see that you are a merchant
of exceptional caliber.
**[07:56] Holo**
Wait, is that why you act
as if you have not noticed?
**[08:00] Holo**
If so, we cannot easily
let our guard down around you.
**[08:03] Appraiser**
M-My apologies. Have I missed something?
**[08:08] Holo**
Master, please refrain from such bullying.
**[08:12] Lawrence**
Th-That wasn't my intention.
**[08:14] Lawrence**
Let him know.
**[08:17] Holo**
Yes, Master.
**[08:19] Holo**
Sir, please take a whiff of these pelts.
**[08:26] Holo**
Well?
**[08:27] Appraiser**
Is this the scent of fruits?
**[08:30] Holo**
Yes, the forests have also
produced much fruit this year.
**[08:35] Holo**
These are furs of martens
that lived in such a forest.
**[08:38] Holo**
They filled their bellies
with so much good food
**[08:40] Holo**
that their bodies exuded a sweet aroma.
**[08:43] Appraiser**
I see that!
**[08:44] Holo**
These marten pelts are the highest of caliber.
**[08:47] Holo**
It took two large men to skin and treat
them as their bodies were so firm.
**[08:53] Holo**
Try pulling the pelt.
**[08:55] Holo**
Harder!
**[08:57] Holo**
What do you think?
**[08:59] Holo**
It is as resilient as a fierce beast.
**[09:01] Holo**
It can warm you like the sunshine in spring
and repel the moisture of the rain.
**[09:07] Holo**
On top of that, this scent.
**[09:10] Holo**
Imagine how much this would
shine amongst other clothes
**[09:14] Holo**
made of normal smelly marten fur.
**[09:20] Holo**
I am sure you can sell them
at an incomparable price.
**[09:25] Holo**
Now.
**[09:26] Holo**
Please tell me again at what price
you wish to purchase these fur pelts?
**[09:30] Appraiser**
Well, then...
**[09:35] Appraiser**
How about 200 Trenni silver coins?
**[09:40] Holo**
What about three silver coins per pelt?
**[09:44] Holo**
In other words, 210 coins.
**[09:48] Holo**
Master, what about a different trading company?
**[09:50] Appraiser**
I-I accept! Please let me
purchase them at 210 coins!
**[09:55] Holo**
That is what he says, Master.
**[09:58] Lawrence**
Y-Yes.
**[10:09] Holo**
Wine is definitely the best!
**[10:12] Holo**
Are you not going to drink? It is my treat.
**[10:15] Lawrence**
Have you ever been a merchant before?
**[10:18] Holo**
What? Did I hurt your pride with my act?
**[10:23] Holo**
I just used the same method as a sharp-witted
merchant that once visited the village.
**[10:29] Holo**
I did not think it up myself.
**[10:41] Lawrence**
But I never noticed.
**[10:44] Lawrence**
I touched handled them multiple times
and never caught the scent of fruit.
**[10:48] Holo**
Well, that was from the apples I bought before.
**[10:53] Lawrence**
That means that...!
**[10:54] Holo**
"It is his fault for falling for the trick."
**[10:56] Holo**
Well, I would not go as far as saying that...
**[10:58] Holo**
But I am sure he will be impressed
to know the existence of such a method.
**[11:01] Lawrence**
Well, you're probably right.
**[11:03] Holo**
People who are easily angered
from being tricked will never get far.
**[11:07] Holo**
A true professional would
be impressed at being beaten.
**[11:10] Holo**
That aside, have you done
what you needed to do?
**[11:15] Lawrence**
For now.
**[11:17] Lawrence**
They didn't seem to have
any knowledge about a country
**[11:21] Lawrence**
whose silver coin was being newly minted.
**[11:23] Lawrence**
The Milone Trading Company didn't seem
to be hiding anything, either...
**[11:28] Lawrence**
Well, no matter what kind of
gimmick Zheren's story has,
**[11:32] Lawrence**
I'm fine as long as I don't
lose money and come out ahead.
**[11:37] Zheren**
Cheers to our reunion!
**[11:44] Zheren**
This is good alcohol.
**[11:46] Zheren**
It must mean that you made
quite a profit on your fur pelts!
**[11:49] Lawrence**
Yeah.
**[11:50] Zheren**
I'm glad to hear that.
**[11:52] Zheren**
The more money you have to invest,
the more profit I'll make.
**[11:56] Lawrence**
Enough about that.
**[11:58] Lawrence**
You said you wanted a share of my profits
in exchange for the information of
**[12:03] Lawrence**
which coin was going to be minted
with a higher percentage of silver.
**[12:06] Lawrence**
Am I right?
**[12:08] Zheren**
Yes.
**[12:08] Lawrence**
Are you sure about this information?
**[12:11] Zheren**
Well, to begin with...
**[12:13] Zheren**
This is a guess from some information
I gained from a mining town I used to live in.
**[12:17] Zheren**
I think the information is pretty dependable.
**[12:20] Zheren**
But, well...
**[12:22] Zheren**
Business is never a sure thing.
**[12:27] Lawrence**
That's true.
**[12:28] Lawrence**
I was planning on turning you down
if you said you were absolutely sure.
**[12:31] Lawrence**
I'd be suspicious of such a good deal.
**[12:35] Lawrence**
So, what's your share?
**[12:37] Zheren**
Yes, I'd like ten Trenni silver coins
for the information
**[12:40] Zheren**
and ten percent of your profits.
**[12:44] Lawrence**
That's pretty conservative.
**[12:45] Zheren**
Well, I hold no responsibility
if you end up at a loss.
**[12:50] Zheren**
In exchange for keeping at ten percent,
**[12:52] Zheren**
I'm hoping that returning
your ten silver coins will be enough
**[12:56] Zheren**
to end the deal if you take a loss.
**[12:59] Lawrence**
I see.
**[13:00] Zheren**
The settlement date will be three days
before the large spring market next year.
**[13:06] Zheren**
I believe this'll all happen
before the end of this year.
**[13:10] Lawrence**
In half a year? Sounds good.
**[13:13] Zheren**
Then, I'd like to have a contract made
at the public notary tomorrow.
**[13:17] Lawrence**
Got it.
**[13:18] Lawrence**
To our profits!
**[13:20] Zheren**
Our profits!
**[13:25] Holo**
A Farum silver coin!
**[13:26] Lawrence**
Wrong. That's a fake Marinne silver coin.
**[13:29] Holo**
Is that not this one?
**[13:30] Lawrence**
That's a Mitzfing Sacred Birthday
Festival silver coin.
**[13:35] Lawrence**
You'll learn to tell them apart
as you use them.
**[13:37] Lawrence**
Let's continue after you've sobered up.
**[13:39] Holo**
No! One more time!
**[13:42] Lawrence**
It can't be helped.
Make sure you listen carefully.
**[13:45] Lawrence**
Trenni silver coin, Philing silver coin,
Illaid silver coin,
**[13:49] Lawrence**
Lute silver coin, fake Marinne silver coin,
**[13:52] Lawrence**
Farum silver coin,
Calvous King Lambardo silver coin,
**[13:56] Lawrence**
Mitzfing Cathedral silver coin,
fake Mitzfing Cathedral silver coin,
**[14:01] Lawrence**
Holy Mitzfing silver coin,
**[14:03] Lawrence**
and Mitzfing Sacred Birthday Festival...
**[14:05] Holo**
Enough. I shall sleep.
**[14:08] Lawrence**
A wise choice.
**[14:09] Holo**
Hmph. Why are there so many different kinds?
**[14:14] Lawrence**
As new kingdoms rise and fall,
**[14:16] Lawrence**
the powerful and the Church
keep minting new types of coins.
**[14:21] Lawrence**
On top of that,
counterfeiting never ceases.
**[14:24] Lawrence**
Lute silver coins were originally
called fake Trenni silver coins...
**[14:45] Lawrence**
Thanks for the information.
**[14:46] Zheren**
Thank you.
**[14:48] Zheren**
Mister, I hope you make a lot of money.
**[14:51] Zheren**
I hope you stay beautiful, Ma'am!
**[14:54] Holo**
He was noisy until the very end...
**[14:58] Holo**
So, which silver coin is the one in question?
**[15:00] Lawrence**
This one. The Trenni silver coin.
**[15:03] Lawrence**
It's a highly trusted coin in this area.
**[15:07] Holo**
Trusted?
**[15:08] Lawrence**
Yeah. There are several hundred
types of currency
**[15:11] Lawrence**
and the amounts of silver
and gold in them often change.
**[15:14] Lawrence**
The value of a coin is much higher
than the silver or gold in them.
**[15:20] Lawrence**
That's why trust in them is needed
to make transactions.
**[15:23] Holo**
I see.
**[15:24] Holo**
So, what do you make of it?
**[15:27] Lawrence**
I'm not sure, but I have some ideas about it.
**[15:32] Holo**
I wish to eat that.
**[15:39] Holo**
So, what did you realize?
**[15:42] Lawrence**
His story may be true if it has to do
with Trenni silver coins.
**[15:47] Lawrence**
This is a Philing silver coin.
**[15:49] Lawrence**
It has a high percentage of silver
and it's popular in the market.
**[15:52] Lawrence**
It could be considered Trenni's rival coin.
**[15:56] Holo**
No matter the era, the value of a coin
**[15:58] Holo**
has always depended
on the power of that country.
**[16:01] Lawrence**
If foreign currencies
dominate a country's market,
**[16:05] Lawrence**
they get trapped economically.
**[16:07] Lawrence**
It's the same as losing in a war.
**[16:10] Holo**
In other words,
**[16:11] Holo**
they may be increasing the amount of silver
in their coins to defeat their rival.
**[16:16] Lawrence**
Yes.
**[16:18] Lawrence**
That's why Zheren may not necessarily
be lying as you had thought.
**[16:23] Holo**
Well, my ears are not perfect.
**[16:29] Holo**
What? Did you think I would be upset?
**[16:33] Lawrence**
I did.
**[16:35] Holo**
Though, I may become upset
with your opinion of me.
**[16:41] Holo**
Where are you going?
**[16:42] Lawrence**
The bridge.
**[16:44] Lawrence**
An acquaintance of mine
is a currency dealer there.
**[16:47] Lawrence**
It's hard to actually tell the purity
of a currency accurately.
**[16:52] Lawrence**
Even so, the reason certain currencies
rise and fall in popularity is
**[16:54] Lawrence**
because people are sensitive to the changes
in purity of silver and gold.
**[16:59] Lawrence**
Enough to think that
a small change is a huge one.
**[17:03] Lawrence**
That's why there is always
some kind of indication
**[17:06] Lawrence**
when a currency undergoes a big change.
**[17:10] Lawrence**
There's no need to remember
all of this right away.
**[17:11] Lawrence**
I'll explain it to you slowly
over the next month.
**[17:14] Holo**
In other words...
**[17:16] Holo**
When the minter plans to make a great
change in the purity of a coin,
**[17:20] Holo**
they will start with small changes to monitor
the market's reaction, right?
**[17:28] Lawrence**
Y-Yeah, th-that's about right.
**[17:32] Lawrence**
Long time no see, Weiz.
**[17:34] Weiz**
Lawrence!
**[17:36] Weiz**
Nice to meet you. What is your name?
**[17:39] Holo**
My name is Holo...
**[17:41] Weiz**
Holo. What a nice name!
**[17:43] Lawrence**
Hey, now...
**[17:45] Weiz**
How about working at my shop?
And perhaps becoming my wife...
**[17:49] Holo**
A currency dealer works with many
different currencies, do they not?
**[17:53] Holo**
I do not know much about them.
**[17:55] Weiz**
No problem! I can teach you!
We can take our sweet time!
**[18:00] Lawrence**
Weiz, I wanted to talk to you about something.
**[18:03] Weiz**
What is it?
**[18:04] Lawrence**
I want to see some recently minted
Trenni silver coins.
**[18:09] Weiz**
From older to newer.
**[18:11] Weiz**
Nothing's changed.
**[18:13] Weiz**
Even people like me, who handle money
every day, haven't noticed any changes.
**[18:18] Lawrence**
Any interest in melting it down and checking?
**[18:20] Weiz**
Don't be stupid. I can't do that!
**[18:23] Holo**
May I see them as well?
**[18:25] Lawrence**
Did you notice something?
**[18:26] Weiz**
Feel free!
**[18:30] Holo**
You are such a bad man.
**[18:33] Weiz**
Sorry! You were so beautiful
that I couldn't help it.
**[18:36] Holo**
Well, please watch.
**[18:41] Weiz**
That's impossible.
**[18:43] Weiz**
I've been a currency dealer for decades
and I can't tell the purity just by the sound.
**[18:48] Weiz**
I've heard of people who could tell,
but even those stories are just legends.
**[18:55] Weiz**
Well? Can you tell?
**[18:57] Holo**
Not at all.
**[18:58] Weiz**
It can't be helped. It can't be helped.
**[19:01] Weiz**
Forget about the silver
and have dinner with me instead.
**[19:04] Holo**
What an interesting man.
**[19:05] Lawrence**
He's a big womanizer.
**[19:08] Lawrence**
Did the purity increase? Or decrease?
**[19:12] Holo**
You've become good at
tricking others to answer.
**[19:16] Lawrence**
I saw your ears move.
**[19:18] Holo**
I cannot let my guard down around you.
**[19:20] Lawrence**
I was surprised you didn't say anything.
**[19:23] Holo**
Well, it was my way of thanking you.
**[19:26] Lawrence**
Thanking me?
**[19:27] Holo**
You were jealous earlier, were you not?
**[19:30] Holo**
It was to thank you for that.
**[19:32] Holo**
There's no need to be bothered by it.
**[19:33] Holo**
Males are all jealous idiots.
**[19:37] Holo**
And females are idiots
who feel happy about such things.
**[19:42] Holo**
The world is full of idiots.
**[19:46] Lawrence**
How were the silver coins?
**[19:50] Holo**
It was very gradual,
but the newer coins sound duller.
**[19:55] Lawrence**
Duller? Then the purity is decreasing...
**[19:59] Lawrence**
Which means Zheren lied.
**[20:03] Lawrence**
It's easy to make a profit if the purity
of silver or gold were increasing.
**[20:07] Lawrence**
All you have to do is buy up the old coins
and exchange them with the new ones.
**[20:11] Lawrence**
But if the purity is decreasing,
**[20:14] Lawrence**
it's hard to make money
even if you know ahead of time...
**[20:17] Lawrence**
You could buy them up
when their value decreases,
**[20:21] Lawrence**
but you'd need starting funds
for something like that
**[20:24] Lawrence**
and it'd be unlikely to make
a profit in half a year...
**[20:28] Lawrence**
I have no idea. How does Zheren plan
to make a profit from this?
**[20:35] Holo**
You may have been tricked.
**[20:38] Lawrence**
Tricked? You mean he swindled
ten silver coins from me?
**[20:42] Holo**
No. If the value of Trenni silver decreases,
**[20:46] Holo**
that kid would return
the ten silver coins to you.
**[20:49] Holo**
At worst, he wouldn't make any money.
**[20:51] Holo**
On the other hand, if the value increases,
**[20:53] Holo**
he earns ten percent of the profits
without risking any money.
**[20:58] Holo**
Even if he has no gains, he has no losses.
**[21:01] Lawrence**
I see what you mean.
**[21:02] Holo**
Humans are so quick to understand.
**[21:05] Lawrence**
I can't believe it.
Such an elementary mistake...
**[21:08] Holo**
It's just...
**[21:10] Holo**
Is it common for the purity
in silver to decrease?
**[21:14] Lawrence**
No, normally the purity level of a silver coin
**[21:17] Lawrence**
would be maintained with the utmost of care.
**[21:20] Holo**
We suddenly received information about
the purity of a coin at a time like this.
**[21:24] Holo**
Is this truly a coincidence?
**[21:29] Holo**
There are times we wolves
climb up a tree when hunting prey.
**[21:33] Holo**
We change our perspective.
The forest looks different atop a tree.
**[21:38] Lawrence**
I should change my perspective?
**[21:41] Holo**
Perhaps that kid isn't the true swindler here?
**[21:47] Holo**
That kid may not need
to receive benefit directly from us.
**[21:53] Holo**
He may have been asked by someone
to bring up this deal to others.
**[22:00] Lawrence**
I see!
**[22:01] Lawrence**
I've figured it out.
**[22:03] Lawrence**
The way you can make money with
a silver coin that's dropping in value!
**[22:06] Holo**
It seems you have realized something.
**[22:08] Lawrence**
Let's go!
**[22:10] Holo**
Where?
**[22:12] Lawrence**
To the Milone Trading Company!
***SIGN*** Episode 4
***SIGN*** Romantic Merchant and Moonlit Farewell
**[23:45] Holo**
Next Episode:
Romantic Merchant and Moonlit Farewell