Children beg Old Man Goichi of the water mill to tell them a story. So he tells them the story of The Two Dogs while his rice cooks. In the story, a white dog and a black dog find a piece of meat on the road, but the two greedy dogs start fighting over the meat. When they get tired of fighting, they decide to divide the meat using a ruler and saw. But then they start fighting again saying one piece is bigger than the other. Then, they ask a wise monkey to settle the issue for them. Saying that it would measure the weights for them, the sly monkey eats a little of whichever piece was larger until he eats almost all of it. Seeing the now tiny pieces of meat placed in front of them, the two dogs start crying. After finishing the story, Old Man Goichi teaches the children that if you are greedy, you will come out on the losing side.