I use WD40 in a similar application.  I have padlocks that got water in them 
and froze up.  I fill them with WD40.  No problems since I started the practice.

--- On Fri, 5/8/09, Stuart Reynolds <[email protected]> wrote:

> From: Stuart Reynolds <[email protected]>
> Subject: Re: [Liveaboard] Kroil
> To: [email protected]
> Date: Friday, May 8, 2009, 6:48 PM
> Has anyone ever thought about using
> Boeshield/similar for squirting
> into swages, or think its a bad idea?
> Water tends to pool in these and generate rust. Taping them
> up or
> filling them with caulk accelerates corrosion.
> 
> - Stu
> 
> On Fri, May 8, 2009 at 3:15 PM, ken <[email protected]>
> wrote:
> > Ron Rogers wrote:
> >> The White Lightning name is coupled with several
> different products by that
> >> company. The chain lubricant dries to a waxy
> substance like Boeshield. But
> >> first, the chain must be thoroughly cleaned with
> one of their cleaners or
> >> another brand. That probably doesn't apply to most
> of our uses.
> > Actually you do not need to clean the chain first. The
> solvents in White
> > Lightning will do that and the lube on the chain will
> then mix with the
> > White Lightning and fall off as it gets dirty, so
> after a few
> > re-applications of the White Lightning very little of
> the original lube
> > will be left.
> >
> > Also, unlike Boesheild, White Lightning contains
> Lithium, a very
> > excellent high pressure lube.-Ken
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