The play begins in 1905 on New Year's Day with Kei as a young orphan living with her abusive aunt. Japan is elated by their recent victory over Russia in the fall of Port Arthur. On her sixteenth birthday, Kei runs away from her aunt's house and wanders into the yard of the Tsutsumis, a wealthy family involved in the trade business with China. The family is celebrating Shizu's birthday, the mother of the family whose late husband began the family trade business. However, at the time of Kei's arrival, the business is being run by Shizu and her brother, Shōsuke. Upon hearing Kei's story, Shizu sympathizes with the young girl and allows Kei to stay in their house as a maid. As the years go by, Kei displays a genuine passion for the trade business and wins the trust of Shizu, who asks her to marry her oldest son, Shintarō, in hopes of saving the family trade business Shizu fears her son will be unable to maintain. Unlike the passion Kei displayed for trade, Shintarō was interested in Chinese literature and dreamed of one day becoming a teacher of Chinese. Despite Kei secretly being in love with Shintarō's younger brother Eiji, she decides to abide by Shizu's wishes and abandons her side romance. Kei marries Shintarō and after Shizu's death, Kei is left operating Tsutsumi family affairs, as well as the family trade business. Later, differing views on Japan's policy with China drives a wedge between Kei and Shintarō, and the gap between them grows even deeper once Shintarō discovers Kei's short-lived romance with Eiji. However, when Eiji returns to the house and tells Kei of his activism and radical left-wing views, he is turned into the police by Kei herself. The act of betraying her uncle causes Kei's daughter Chie to leave her mother's house to live with Shintarō, her father. The play ends when that winter, Shintarō visits Kei at her house unexpectedly. While the two are reacquainting, Shintarō falls dead into Kei's arms.