PURPOSE: To prepare a dispersion contg. respectively specific amts. of a specific fatty acid glycol ester, aliphat. alkanol amide, amine, carboxylic acid, univalent or bivalent metal and water, thereby imparting pearly gloss thereto.

CONSTITUTION: This dispersion is prepd. by compounding 5 to 25 wt.% fatty acid glycol ester expressed by formula I (R1 denotes 14-23C hydrocarbon; A denotes -C2H4- or the like; X denotes H, R1-CO2; (n) denotes an integer from 1 to 5), 2 to 15 wt.% aliphat. alkanol amide expressed by formula II (R2 denotes 9-23C hydrocarbon; R2, R4 denote H, -C2H4OH or the like), 0.1 to 5 wt.% amine expressed by formula III (R5 denotes 8-24C unsatd. hydrocarbon; R6 denotes H or the like; R7 denotes polyhydroxyalkyl residue or the like), 0.1 to 5 wt.% carboxylic acid expressed by formula IV (R8 denotes 7-22C unsatd. hydrocarbon or the like) or the like.