Plasmin and plasminogen were determined monthly over a one year period in samples of bulk and herd milks from Montbeliard cows. Montbeliard milk showed a high content of plasmin and plasminogen in comparison with milk from other breeds. In bulk milk, the plasmin activity reached a minimum in September (015/tg/ml milk) and a maximum in June (032/ig/ml milk). The annual mean concentration was 0-23 /ig/ml milk. The plasminogen content varied around a value of 1-28 /tg/ml milk, with a marked decrease in September (0-83 /ig/ml milk) and a maximum in October (l -59 /tg/ml milk). In herd milk, the minimum plasmin activity occurred in October (0-17 /ig/ml milk) and the maximum in spring (0-42 fig/'ml milk in May) with an annual mean of 0-30 /tg/ml milk. The plasminogen content varied in a similar way, from 0-87 fig/ml milk to 1'82 /tg/ml milk, with an annual mean of 1-46/tg/ml. The ratio plasminogen: plasmin ranged from 1-4 to 9-2 with an average of 4-9. From early to late lactation, plasmin and plasminogen concentrations increased from 0-25 to 0-38 /tg/ml milk and from 1-07 to 2-01 fig/m\ milk respectively and the plasminogen: plasmin ratio increased from 4-5 to 5-3. Studies of milk from cows at similar stage of lactation within a single herd have shown the necessity for distinguishing between two phases in the early stage of lactation. The first, a very early period, is usually present up to one month and the second occurs in the second and third months. Milk samples with the highest proportion of -y-caseins were not those with the greatest plasmin content but were those with high plasminogen contents, which had increased suddenly from the levels of the preceding month. This suggests a role for the plasminogen activator and inhibitor system.