The characters of The Court of King Collywobble are introduced. Down at the bottom of the royal garden is a wonderful wishing well. When the subjects come to the well to wish, their wish comes true if they are good people. But suddenly the well has stopped its magic and the King is asked to do something about it. The King goes down to the bottom of the garden with some of the court people to investigate, and is lowered into the well. At the bottom of the well it is very dark. The King hits the bottom of the well with a bump. He finds a tunnel which leads to a cave, and surprisingly there is a band of elves in the middle of the cave. The elves all look sad and the King feels sorry for them, but they don’t notice him. He asks the elves why they have stopped granting his subjects their wishes. They reply they are on strike, because they get hit on the head with the coins thrown to them. But the coins are no use to them because they can’t spend it. The King promises not to throw money at them, and instead puts on a treat for them once a week, as they taught him happiness is worth more than money.