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I have been using the rubbing compound for 7 years now on the table saw, band saw, lathes, and joiner. Never had a problem. My print shop guillotine paper cutter is OLD, and 5000lbs of cast iron, and I have used the red rubbing compound (Turtle Wax brand) on it for more than 25 years. I have yet to find a better complete deep down rust remover. I would agree with you 100% if you are referring to the Turtle Wax liquid wax, that HAS water in it. I do not use the liquid wax. Regarding the other two products, I had to find something that would clean the rust and grime from the cutter bed and keep the paper clean. I found both products at NAPA auto parts for auto body work. At that time there was still metal in the auto bodies (pre "Made by Mattel") so they had to avoid rust and make sure they did not start more.
I have used Minnwax which I suspect is very much like the J&J furniture paste wax. Just had some around, so I used it. I still found I liked the No.7 white polishing compound, but that is pure personal preference.