In a small dish, add yeast to lukewarm water; set aside. In a large bowl, combine milk, shortening, sugar & salt. Add 1 cup of flour; beat well. Add egg, yeast mixture & remaining 1 1/4 cups flour.; beat to form moderately stiff dough. Turn out on a floured work surface. Knead gently until smooth & elastic. Lightly butter bowl, form dough into a disk & cover with clean tea towel. Let rise in a warm place until doubled in bulk, about 50-60 minutes.