The composition and surface properties of dough liquor isolated by ultracentrifugation have been characterised. Addition of ascorbate had no effect and salts only a limited effect, on the yield, protein content and composition of the dough liquor. Fourier transform infrared spectroscopy (FT-IR) revealed the presence of proteins, lipids, starch oligosaccharides together with the non-starch polysaccharide, arabinoxylan. At high dilution the dough liquor air:water interface was dominated by protein, with surface tensions of around 55 mN/m and high surface elasticity. As the concentration was increased, surface tensions dropped to around 40 mN/m for undiluted dough liquor. This was accompanied by the interface becoming less elastic, and indicated that dough liquor lipids were interacting and disrupting the protein films in concentrated dough liquor. Dough liquors from de-fatted flours remained elastic and gave surface tension values of around 50–55 mN/m even at low dilution, indicating that removal of the lipids gave rise to a purely protein stabilised interface. Addition of salt to the dough had the greatest effect on the surface properties, both reducing surface tension and reducing surface elasticity, probably because the charge screening effect of the salt improved the dispersion of lipids in the dough liquor, thus enabling it to disrupt the protein films more effectively. These results indicate that the aqueous phase of bread doughs lining the gas cells would give rise to a mixed protein:lipid interface. Such interfaces are unstable, and would contribute to the instability of the foam structure of risen dough. In addition they show that dough ingredients may modify gas cell stability (and hence may affect crumb structure), by altering the composition and properties of the aqueous phase of doughs.