SOLUTIONS AND DISPERSIONS OF POLYMERS IN ORGANIC LIQUIDS CAN BE MANUFACTURED BY (A) PROVIDING A POLYMER LATEX CONTAINING AN ANIONIC OR CATIONIC EMULSIFIER, (B) PROVIDING A SOLUTION IN A WATER-/MMISCIBLE ORGANIC LIQUID OF S TRANSFER AGENT WHICH IS ABLE TO UNDERGO AN ION-EXCHANGE REACTION WITH SAID EMULSIFIER AS DEFINED IN C BELOW, (C) BRINGING THE LATEX OF A AND THE SOLUTION OF B INTO CONTACT WITH EACH OTHER SO THAT AN ION-EXCHANGE REACTION OCCURS BETWEEN THE TRANSFER AGENT AND THE EMULSIFIER TO FORM A REACTION PRODUCT WHOSE SOLUBILITY IS SUCH THAT IN A MIXTURE OF EQUAL PARTS BY WEIGHT OF SAID ORGANIC LIQUID AND WATER, ABOUT 90-100% BY WEIGHT OF THE REACTION PRODUCT IS DISSOLVED IN THE ORGANIC LIQUID AND ABOUT 010% BY WEIGHT IS DISSOLVED IN THE WATER, AND (D) REMOVING THE WATER FROM THE COMPOSITION. WHEN THE ORGANIC LIQUID USED IN (B) IS A SOLVENT FOR THE POLYMER AT ORDINARY TEMPERATURES, A POLYMER SOLUTION IS ONTAINED BY THE PROCESS.