Dissolve yeast in warm water, stirring well. Let stand 5 minutes or until bubbly.
Scald milk; add sugar and lard, stirring well. Cool mixture to lukewarm (105° to 115°).
Add dissolved yeast to milk mixture; stir well. Add flour, baking powder, soda, and salt.
Turn dough out onto a floured surface; knead 8 minutes or until smooth. Place in a greased bowl, turning to grease top. Cover and let rise in a warm place (85°), free from drafts, 1 hour or until doubled in bulk.
Turn dough out onto a floured surface, and knead 3 to 4 times. Return dough to bowl; cover and chill until needed. (Dough may be stored in refrigerator several days.)
Divide dough into 48 portions. Roll each piece into a 10- inch rope, and tie into a loose knot, stretching rope gently if needed.
Place rolls on greased baking sheets. Cover and repeat rising procedure 30 minutes or until doubled in bulk. Bake at 450° for 8 minutes or until lightly browned.