If the water stains are light or white, they can be solved with Wood Elixir. I don't know what a "traditional" wax is but, the streaks will also be cleaned off with Wood Elixir. To produce a high gloss on lacquer, I have had good success with car polish containing carnauba which is on of the hardest waxes.
--Previous Message-- : I have a beautiful oriental black laquer : screen. I have tried using traditional : polishes on it but they streak it. It also : has water stains in it. Please help! :