The wax is fragrant and reminiscent of pine tar and menthol(?). I think the white in the tube the last photo is so the wax can be pushed out from the bottom. The corks are intended to cork it in.
I had a White Stag waterski back in the late 60s or early 70s. No pictures but it was a nice conventional ski, wood with a formica top. Skied OK. Without bandages.
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