lard
don't be silly, I buy Goretex.
THIS
I worked in the lab for Kiwi for many years. I did a lot of work on some of those products.
Liquid products were cross-linking siloxanes. Paste products were a mix of the branding agent (e.g. Dubbin or mink oil), microcrystalline waxes & various oils, etc.
All are about equally effective as lard, but don't taste nearly as good.
They are good products - efficaciousness on initial application - the problem is leather flexes and cracks which allows water to penetrate.
(I used to make waterproof paper napkins [with an invisible non-greasy formulation] in the lab for fun; they work great until you fold them.)
I put a base application of Camp Dry on my non-Gortex boots followed by annual coatings of Dubbin.
They'll keep my feet dry for 20 minutes in downpour and maybe an hour or 2 in a light drizzle.
Plus Dubbin helps retain warmth, which in my mind is the primary benefit.
End result is warm, smelly wet feet. So I use those boots for short overnight or day rides when the weather outlook is good.
If you apply a water proofing treatment, 2 light coats usually work better than one heavy coat.
Two or 3 coats usually produces maximum protection. Frequent light re-coating works better than several heavy coats.
Gortex works better until the fabric stretches around the stitching, which after several years will start to leak.
After 8 years, my right Gortex boot developed a leak.
Can't complain too much about that
I'm pretty much convinced there is no such thing as waterproof above 60 mph on a motorcycle, unless it's a Gold Wing.