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1. Pour ¼ cup of the lukewarm water into a small, shallow bowl and sprinkle the yeast over it. Let the mixture rest for 2 or 3 minutes, then stir to dissolve the yeast completely.
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2. Set the bowl in a warm, draft-free place (such as a turned-off oven) for 5 minutes or until the mixture begins to bubble and almost doubles in volume. (If no bubbles develop, discard the mixture and repeat the process with yeast from a fresh package.)
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3. Sift the flour and salt into a deep bowl and drop in the lard. Working quickly, use your fingertips to rub the flour and fat together until they look like flakes of coarse meal.
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4. Pour in the yeast and ½ cup of the remaining lukewarm water, toss together and gather the dough into a ball. If the dough crumbles, add up to ½ cup more lukewarm water, a tablespoon or so at a time, until the particles adhere.
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5. Place the dough on a lightly floured surface and knead by pushing it down with the heels of your hands, pressing it forward and folding it back on itself.
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6. Repeat for about 10 minutes, or until the dough is smooth and elastic. Sprinkle it from time to time with a little flour to prevent it from sticking to the board.
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7. Shape the dough into a ball and place it in a lightly greased bowl. Drape loosely with a kitchen towel and set aside in the warm, draft-free place for about 1 hour, or until the dough doubles in bulk.
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8. Punch the dough down with a single blow of your fist. For each bun, roll a small piece of the dough between your palms into a ball about 1½ inches in diameter.
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9. Arrange the balls about 2 inches apart on an ungreased baking sheet and set them aside to rise in the warm, draft-free place for about 45 minutes, or until they double in volume.
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10. In a heavy 12-inch skillet, heat the oil over high heat until it is hot but not smoking. On a lightly floured surface, roll 2 or 3 of the balls of dough into rounds about 1/8 inch thick and place them in the hot oil.
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11. Fry the floats for about 3 minutes on each side, turning them with a spoon and regulating the heat so they color evenly without burning. As they brown, transfer them to paper towels to drain while you proceed to roll and fry the rest.
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12. Traditionally the accompaniment to codfish cakes, floats can be served warm with Stamp and Go or as a bread with or without butter.
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