Sift The Flour, Sugar, Salt And Baking Powder Into A Bowl. Using A Pastry Blender, Cut In Butter And Lard Until Mixture Resembles Coarse Meal. Add The Milk And Water And Stir Until It Yields A Stiff Dough. Knead 20 Minutes, Then Turn Out Onto Floured Board And Beat With A Mallot Or Rolling Pin, Turning And Folding In Half As You Beat, About 20 Minutes. Roll Out The Dough To 1/4" Thick And Cut Rounds Using A Biscuit Cutter. Prick The Tops Of The Biscuits With Three Rows Of Holes, Using The Tines Of A Fork. Arrange The Biscuits On A Baking Sheet And Place In A Preheated 350 Deg F. Oven. Bake For 30 To 40 Minutes Until Firm But Not Browned. Serve With Sliced Ham Or Butter And Honey.