PURPOSE: To provide title compsn. having good storage stability and suitable for an emulsion paint, by a method wherein ethylene (propylene) glycol and a specified polyoxyethylene surfactant are mixed with a mixed aq. dispersion composed of cellulose derivative and acrylic polymer.

CONSTITUTION: (b) 6W15wt% (based on the weight of solids of (a) component) of ethylene glycol and/or propylene glycol and (C) 0.5W5wt% of a cpd. of formula II (wherein R is alkyl; X is alkali metal; n is 20W50) such as sodium polyoxy- ethylenenonylphenyl sulfate, are mixed with (a) an aq. dispersion of the mixed particles of a cellulose derivative such as nitrocellulose, ethyl cellulose and an acrylic polymer resulting from the polymn. of acrylic monomer of formula I (where R' is H, methyl; R" is H, 1W20C alkyl) in order to obtain the desired compsn.