Each line of this old beekeeping saying compares the same kind of value, how much good the swarm can still do before summer ends. A May swarm gets a full season, so it is worth a load of hay. A June swarm gets less time, so it is valued only as a silver spoon. A July swarm arrives too late to be of real use, so it is called not worthy. Reading the three comparisons together gives the full proverb: 'A swarm in May is worth a load of hay; a swarm in June is worth a silver spoon; but a swarm in July is not worthy.'