I did a bit more research on the compounds. Here's more detailed info (taken from a tool supplier website):
Emery Cake: Contains an emery abrasive, providing a sharp, fast cutting action for removal of rust or scale from iron, steel, or other metals.
Tripoli Brown: Brown compound for buffing aluminum, pewter, brass, copper, wood, bone, plastics, painted, and other soft surfaces.
Red Rouge: Red compound for initial buffing, cleaning for a bright luster on silver plated, gold, sterling and other precious metals.
White Rouge: White rouge buffing compound gives a bright, shiny luster to stainless steel, aluminum, iron, chrome and nickel surfaces.
Green Rouge: Green buffing compound for fine color buffing and light cleaning on all classes of metals. Produces a bright lustrous buffed surface.
Blue Rouge: Blue buffing compound for final high-luster color buffing on gold, silver, sterling, platinum, and other precious metals. Produces a bright, lustrous buffed surface.
I hope this helps...