I got this Rx from Mother Earth News. I think I may be the guy who started the thread back in 2003.
Linseed oil, when applied to canvas, makes it stiff, Bill. But you can start with a ratio of 2 parts (by volume) oil and one part wax. This will produce a cream, a little thinner than commercial shoe wax. If you want it thinner, up the percentage of oil.
You might consider neetsfoot oil as a substitute, because it doesn''t stiffen up the way the linseed does.
In either case, heat the oil in a double boiler. Add the wax, and gently stir until the wax is melted. Immediately remove it from the heat, and stir, from time to time, until it thickens up.
Let it sit overnight, because an oil/wax mixture gets thicker as it cures.
I assume this is for a groundcloth or some such? Canvas that won''t be in contact with the ground (such as for tents, dining flys, and the like) doesn''t really need to be waterproofed at all. What happens is that the individual threads swell and seal the whole fabric, so water doesn''t penetrate.
A driving rain will sometimes pass through, in the form of a fine mist. And if you touch the canvas it will leak due to capillary action. But over all, a canvas tent or fly will keep you dry under most conditions.