New Tank being set up

Hi everyone, I'm just in the process of setting up my new aquarium and have purchased some bog wood. I have not put any fish in yet as I am acclimatising the water etc. I have placed the wood in the tank but have noticed a white "fluffy" type residue coming out of the wood. Any ideas on what this is and whether it is dangerous? Also the water is still quite cloudy even after 4 days; again any ideas as to why?
Finally, is it safe to put magnets in the tank to hold the "backing" up against the rear of the tank?
The bog wood was bought from Paddock Farm so is "proper" aquarium wood.
Any views assistance would be greatly appreciated.
Many thanks.
Knapster

have you got a filter in the tank as that will mature at the same time as the tank as for cloudy water thats normal on a new tank but if your worried you can do a few water changes to clear it up magnets it hold the background in place thats fine bogwood did you wash it before you put it in the tank as it may have collected dust and is decomposing hence fungus that can be washed of even scubed have you added gravel yet or sand and what fish do you intend keeping in it when its ready

I have an external filter (Eheim) which appears to be working fine. Will keep an eye on the cloudiness and do some water changes as necessary as per your advice. Thanks for the thumbs up re the magnets :-) Yes i have rinsed it under boiling water and also scrubbed it. The tank has sand and plants in at present. I am intending to just get community fish such as cardinal tetras, perhaps a couple of angel fish, rummy noses,corys, etc

thats fine mate the bog wood will bring the ph down a bit and may stain the water a redish colour but plenty of water changes will clear it other than that its sounds fine the cloudynees could also be a nitrate spike which happens with new tanks again water changes get it clear

Thanks for that. So i don't need to worry about the white residue then? I don't intend to get any fish until the tank has properly settled down and i have had the water tested but was wondering what the current recommendations are for how many fish my tank will hold? it is 36" long 15" wide and i have calculated a volume of about 145 litres. I used to keep fish many years ago and believe it was about 1" of fish (excluding fins) per gallon of water but it may have changed with better filters etc.

well thats a good point as i have a 48x15x20 and thats got a lot of fish in it and i do meen alot over 150 fish i think theres a good filter in as you have as long as theres air pumped into it you could maybe get 50-70 fish init depending on size

the residue on the bogwood happened to me i thought i was ugly looking so took it out scrubbed it again and replaced it,it came back but it does eventually disapear if it bothers u that much just scrubb it again otherwise just leave it