Process for reacting a phenol with a vicinal epoxy compound in the presence of phosphorus or carbon containing acid, ester or acid ester

In a process for preparing phenolic hydroxy ethers which comprises reacting a polyhydric phenol with a polyepoxide having more than one 1,2-epoxy group, the improvement comprising employing as the catalyst therefor, a phosphonium salt of an acid, ester or acid ester of the element carbon represented by the general formula ##EQU10## wherein R.sub.1, R.sub.2, R.sub.3 and R.sub.4 are independently selected from the group consisting of aliphatic hydrocarbon radicals containing from about 1 to about 20 carbon atoms, aromatic hydrocarbon radicals, alkyl substituted aromatic hydrocarbon radicals and radicals represented by the formula -R.sub.5 Y wherein R.sub.5 is an aliphatic hydrocarbon radical having from about 1 to about 20 carbon atoms and Y is a member selected from the group consisting of Cl, Br, I, and NO.sub.2, and wherein X is the anion portion of an acid, ester or acid ester of the element carbon and wherein m is the valence of the anion X.