what you have there is turpintine subsitue, which is perfectly ok to use , i am a bee keeper and use litres of the stuff as propper turpintine is not cost effective to use.
the mix of beeswax one part and turpintine subsitue one part is a basic for furniture/wax polish the adding of linseed oil makes it more of a leather balsam whith the linseed oil we reduce some of the turpintine so try this as a basic recipe all volumes are by size not weights so find an old cup or can to measure with and to mix it up in the can you want to keep it in unless you are going to poor it into multiple cans
bees wax one cup full
turpintine subsitute half to three quarters cup
linseed oil half to three quarters of a cup
heat and melt the bees wax in a large container combine the two oils in a seperate container when the wax is melted just poor the lot together and mix like crazy when it stiffens as the wax sets just stop and the jobs done
i have a massive posting /sticky of hundreds of recipes on bees waxs from polishs to lip balms and leather balsams ect if anyone wants a copy just pm me a propper email address and i will send it over to you, i did have it on rapidshare but for some reason it only allows me to upload for one month at a time rather than permantly
any other questions on bees wax just ask i have hundreds of recipes for differant things
when the wax is moulten if you want to add some essentcial oils to make it smell better or the like thats when to do so
for me personal pertunia oil is the smell for leather soaps
and camila/ leamon oil ( we are talking two or three drops by the way ) for out door furniture