Abstract: An oil-in-water-in-oil coating composition comprising (a) an oil continuous phase comprising a solution of an oil soluble resin or drying oil or mixtures thereof in a water immiscible solvent, (b) an aqueous discontinuous phase comprising an emulsion with pH of about 4 to 10 of water insoluble resin in an aqueous medium, and (c) an effective dispersing amount of a dispersing agent for dispersing (b) in (a) consisting essentially of hydrated starch or a hydrated starch component.