Hiderpaste peg compound
In spite of it's name, this is quite a hard compound
It is one of the compounds we use in our own workshop. One of its properties/advantages is that it mixes well with other ingredients like soap ( to lessen friction) or chalk (to increase friction) if you need to modify it's effect.
Although a peg compound will help pegs to work smoothly and firmly, the pegs themselfs need to be fitted well.
You will need to remove the string then remove the peg. It is better if you do this one peg at a time so that some tension is always present to keep the sound post in place and also to ensure that pegs don't get mixed up and put in the wrong places, ( peg length, string hole diameter and placing of the string hole is not the same on each peg).
So, you now have one peg removed, draw three lines in line with the peg length equally around the peg where the two contact places are (not the whole length of the peg as this could encourage the string to slip around the peg) Place the peg back and seat it using light pressure and turn the peg as if tuning to spread the compound evenly. Note that at this point, the string has not been fitted. The peg should turn smoothly but firmly. If it does not, try repeating the proceedure. Once you are satisfied with the feel of the peg turning, re-fit the string and proceed to the next peg.
If after compounding, you can't get the pegs to work well, it may be that the compound you are using is incompatible with a different compound used previously, or that the pegs don't fit well or have become mis shaped. In any case, if you experience difficulty in getting pegs to work properly you should take your instrument to a professional luthior.