Abstract: A process is described for the preparation of a dispersion of a condensation polymer in a hydrocarbon or chlorinated hydrocarbon liquid in which the polymer is insoluble, employing one or more polymer-forming reactants which are also insoluble in that liquid. Such a reactant is dissolved in a second liquid which is inert to the polymer-forming reaction, is immiscible with the first liquid at the reaction temperature and can be separated from the latter by distillation, and the solution of the reactant is emulsified in the first liquid, prior to heating the reaction mixture to form the polymer, with the aid of a specified emulsifying agent.