Over here I use an old toolbox, simply because it offers a lot more compartments and space.
This is what it holds:
Creme Polishes: (KIWI & Meltonian) Black, Marine Blue, Burgundy, Light Brown, Dark Brown and Clear
Wax Polishes: (KIWI) Black, Burgundy, Light Brown, Clear
Brushes: One horse hair brush for each colour- Black, Light Brown, Dark Brown, Burgundy and Clear
The Clear brush doesn't mean clear polish. I use that one for tan/brown shoes that I only lotion.
Leather conditioners, lotions, jams & jellies (just testing if you're paying attention)
Shoe Dyes: Black, Medium Brown, Dark Brown
Tins of Varsol, Paint Thinner, Acetone
Old toothbrushes that are used to touch up the wheeling on the welts.
Sandpapers, Burnishing sticks and metals. Spare laces. Cobblers glues, etc etc
To hold all of this, I would need an entire fleet of shine boxes, so this is why I use a toolbox instead.
No rags are stored in my box at all. My rags are stored in a separate metal tin with no lid.
My storage isn't sexy but satisfies all my needs.