r 5 r 6 r 7 and r 8 are either alike or different members selected from the group consisting of hydrogen alkyl radicals having from about one to about 24 carbon atoms preferably from about one to about 10 carbon atoms aryl radicals having from about six to about 20 carbon atoms preferably from about six to about 10 carbon atoms alkenyl radicals having from about two to about 30 carbon atoms preferably from about two to about 20 carbon atoms cycloalkyl radicals having from about three to about 40 carbon atoms preferably about three to about 30 carbon atoms aralkyl and alkaryl radicals having from about six to about 40 carbon atoms preferably from about six to about 30 carbon atoms a halogen radical selected from the group consisting of fluorine chlorine bromine and iodine preferably chlorine a hydroxyl group an alkoxy or aryloxy group and a hydrocarbyl group such as defined above carrying halogen hydroxyl or alkoxy or aryloxy provided that at least one preferably from about one to about four of each of r 1 to r 8 is a sulfonato group or an alkyl aryl alkenyl cycloalkyl aralkyl or alkaryl group carrying a sulfonato group m is sulfur or oxygen preferably oxygen e is phosphorus arsenic antimony or nitrogen preferably phosphorus and f is phosphorus arsenic or antimony preferably phosphorus there is thus obtained a reaction product containing a methanol phase having dissolved therein the nickel.