A process for preparing proponates which comprises the steps of (i) supplying a solution of methanol containing 4-hydroxyphenylmethylcarbinol, (ii) subjecting said solution to an acid catalyzed displacement reaction for a sufficient period of time and under suitable conditions of temperature and pressure to convert substantially all of said carbinol to 4-hydroxyphenylmethylcarbinol methyl ether in solution, (iii) replacing the methanol in said ether containing solution with a second solvent and (iv) reacting the ether containing ethyl lactate solution with a suitable acid catalyst for a sufficient period of time and under suitable conditions of temperature and pressure to form said propanoates. New compositions of matter which comprise the propanoates, prepared in the above manner, have application in the electronic chemicals market such as in a photoresist composition.