Spice and Wolf: Merchant Meets The Wise Wolf – Season 1 Episode 5 Recap & Review

Romantic Merchant and Moonlit Farewell

Episode 5 of Spice and Wolf: Merchant Meets The Wise Wolf begins with Richten and Lawrence chatting about Holo and the letter they received in episode 4. Essentially, Richten’s frightened by the letter. He argues if they don’t withdraw from the deal Medio Trading will send Holo to the Church. Lawrence argues Medio Trading will send Holo to the Church regardless of Richten’s decision. 

Richten mentions how sheltering Holo will entice the Church to meddle with them. Additionally, Richten’s unsure where he and his subordinate can hide Holo. Lawrence suggests escaping town, but Richten says that’s a ridiculous notion. Moreover, he says Milone Trading Company can’t resolve this issue with cash and explains why that’s the case. 

Lawrence wishes they had a trump card. Fortunately, Richten says they can report Medio Trading for sheltering Holo. However, he knows Lawrence will testify against the Milone Trading Company if they progress with this scheme. Seconds later, Lawrence questions Richten about the privilege they’d obtain from the Trenni King.

Richten argues the royal family’s finances are tight and Lawrence agrees. Lawrence says it makes sense considering the market’s current silver coins are being turned into low-purity versions. Also, Lawrence knows the family will receive short-term benefits from this. Nonetheless, he knows the family’s prestige will dwindle. Richten chimes in, stating how the royal family will hand over specific rights to them. 

He feels it’s the biggest profit the Milone Trading Company will gain by purchasing their silver coins. Lawrence argues they should use this deal as their trump card before Medio Trading strikes them. Richten’s unsure about this. Next, Lawrence brings up the Trenni King’s current predicament to Richten. Through this discussion, Richten realizes if the Church attacks them, the Trenni Kingdom will become the Church’s enemy.

Additionally, Lawrence says Medio Trading won’t report the Milone Trading Company due to their affiliation with the Trenni King. Lawrence argues it’ll result in Medio Trading going down with them. Moreover, Lawrence says if the Milone Trading Company offers Medio Trading the rights they seek, the Milone Trading Company can make a nice profit and save Holo. 

Richten’s partially on board with Lawrence’s plan. However, Lawrence knows his plan has a flaw. He says Medio Trading hasn’t collected every silver coin. Lawrence argues this deal involves taking advantage of the Trenni King’s weakness. He believes this is why they’ve collected merchants secretly to obtain silver coins through cheap schemes.  

Lawrence argues if Medio Trading had enough silver, they would’ve sent Holo to the Church immediately. He feels the company’s using her to slow them down because they lack confidence. After that, Lawrence says he plans to rescue Holo and flee from place to place until the Milone Trading Company completes their deal.

Moreover, Lawrence tells Richten he and Holo can avoid detection for two days. Richten estimates if all goes well, he can complete the deal and return to down within two days. Richten argues he can negotiate with the Trenni King via rough estimates. As long as Richten can bring him the promised coins, everything will go smoothly. 

On that note, Richten tells Lawrence that his company knows the ins and outs of this town, confirming that he knows where Medio Trading is harboring Holo. While the two head to a carriage, Richten says the Church is the Milone Trading Company’s greatest enemy. He says they must complete this mission before the Church makes a move.

Before Lawrence departs, Richten whispers “Pireon and Numai” into his ear. He tells Lawrence it’s important for him to remember those terms. Lawrence departs with several Milone Trading Company personnel via a carriage. A Milone Trading Company gentleman and Lawrence discuss their Holo rescue plan. The man says Lawrence will travel through a secret underground pathway. 

He wants Lawrence to head toward that pathway’s endpoint. Additionally, the man says Lawrence will be below the building where Medio Trading is holding Holo hostage. The man says he and his allies will save Holo once the market’s opening bell goes off. Also, the man says if Lawrence sees a floorboard open up, that means the man and his friends saved Holo. 

Most importantly, if Lawrence hears “Rahhe,” he must wait for Holo to join him. Yet, if he hears, “Perouso” he must escape via their planned path. Eventually, Lawrence and his allies arrive at their destination. Lawrence enters the secret pathway and arrives at its endpoint minutes later. The opening bell goes off and the floorboard above Lawrence opens. 

Holo appears and tells Lawrence to move to the right so she can join him. Holo joins Lawrence and tells him to grab their shares from the Milone Trading Company individual above. This same person joins them and the three head to the other side of the pathway. There, Holo and Lawrence use a ladder and hop aboard the carriage Lawrence was using earlier.

The gentleman Lawrence spoke to earlier says the other man will search for a different exit. Additionally, he says they’ll leave town once he finishes sharing new details with his comrade about Medio Trading. The gentleman departs with the bags. Holo and Lawrence chat during their carriage ride. Holo is upset Lawrence relied on cowardly methods to save her. 

Nevertheless, Lawrence is glad Holo’s safe. Then, Holo flatters herself. However, she mentions a human stood up to her while she was held prisoner. Holo says this human was Yarei. She says Yarei had shared mean-spirited remarks with her. Essentially, Holo’s upset that Yarei referred to Holo as a forgotten unnecessary relic.

Lawrence comforts Holo and tells her to view this excursion positively. He argues people like Yarei will make it easier for her to move forward with her dreams of heading north. Then, Holo and Lawrence argue over trivial things. Lawrence ensures Holo he’s doing everything for the money. Then, the two arrive at their next destination.

Lawrence tells one of the carriage drivers that Count Erhendott is behind Medio Trading. Moreover, he says the wheat-dealing merchants in Erhendott’s territory are the ones who must collect the Trenni silver coins. He wants this carriage driver to relay this intel to Richten. Eventually, Lawrence and Holo enter a new underground pathway.

The two complement each other’s appearances and traverse through the pathway. Meanwhile, we see Yarei and his men looking for Holo and Lawrence. The episode closes with a close-up of Yarei’s frustrated face. 

The Episode Review

Spice and Wolf: Merchant Meets The Wise Wolf Episode 4 leans more into its economic elements. In it, we receive a lengthy discussion between Lawrence and Richten, highlighting the latter’s concerns with Medio Trading, the Trenni Kingdom, and Holo. While some will find this conversation’s topics intriguing, others will think differently.

Essentially, this discussion was drawn out and could’ve been shortened. Nevertheless, fans will adore seeing Lawrence utilize his exceptional business skills to convince Richten to progress with this short Holo rescue mission. On that note, seeing Holo and Lawrence together again feels right. While the way they saved Holo from the Medio Trading crooks was easier than one would like, fans will appreciate Holo belittling Lawrence for his rescue method. 

Nevertheless, Spice and Wolf: Merchant Meets The Wise Wolf continues to instill joy in retro and modern anime enthusiasts. This is due exceptionally written Holo and Lawrence are as a unit. On top of giving Yarei a meaningful role in the plot (so far), this was an interesting episode of Spice and Wolf: Merchant Meets The Wise Wolf.