From The Collaborative International Dictionary of English v.0.48 :
Bayberry \Bay"ber*ry\, n. (Bot.)
(a) The fruit of the bay tree or Laurus nobilis.
(b) A tree of the West Indies related to the myrtle ({Pimenta
acris).
(c) The fruit of Myrica cerifera (wax myrtle); the shrub
itself; -- called also candleberry tree.
[1913 Webster]
Bayberry tallow, a fragrant green wax obtained from the
bayberry or wax myrtle; -- called also myrtle wax.
[1913 Webster]
From WordNet (r) 3.0 (2006) :
bayberry tallow
n 1: a fragrant green wax obtained from the wax myrtle and used
in making candles [syn: bayberry wax, bayberry tallow]