Phyllis Osie

Young Billy Webb likes to swap things with his schoolmates. He meets Alfonso Bonzo, an 'Italian exchange student' who also has a talent for swapping things (thus his self-description: he is an Italian student who exchanges things). Billy makes a series of magical but increasingly risky swaps with Alfonso, leading to unexpected and sometimes sinister consequences as Alfonso's true nature becomes questionable.

Billy Webb returns to recount strange happenings to journalist Trevor Trotman. Billy has been having trouble with certain items he acquires from a mystery man, including pancake mixture that gives his whole class hiccups, a flying bike, and a strange watch. Billy and Trevor soon discover the perpetrator is the same person, who appears every time Billy reads a certain book.