1. THE PROCESS COMPRISING: CONTINUOUSLY DISSOLVING AND REACTING WITHOUT VAPORIZATION AND REFLUXING A HIGH MOLECULAR WEIGHT POLYMERIC ESTER OF A DICARBOXYLIC ACID AND DIHYDRIC ALCOHOL WITH LOW MOLECULAR WEIGHT ESTERS OF DICARBOXYLIC AND A DIHYDRIC ALCOHOL, FOR A TIME SUFFICIENT TO CONVERT SAID HIGH MOLECULAR WEIGHT POLYESTER TO A LIQUID REACTION PRODUCT, IN A FIRST REACTION ZONE MAINTAINED AT A TEMPERATURE ABOVE THE BOILING POINT OF DIHYDRIAC ALCHOLOL USED IN THE MANUFACTURE OF SAID POLYESTER, THE RATIO OF THE TWO COMPONENTS BEING SUCH THAT THE RATIO OF ALCOHOL UNITS TO ACID UNITS IS ABOVE 1:1 AND BELOW THE RATIO WHICH RESULTS IN BOILING OF SAID TWO COMPONENTS AT SAID TEMPARATURE; CONTINUOUSLY WITHDRAWING SAID LIQUID PRODUCT FROM SAID FIRST REACTION ZONE AND PASSING SAID PRODUCT SIMULTANEOUSLY WITH THE DIHYDRIC ALCOHOL USED IN THE MANUFACTURE OF SAID POLYESTER INTO A SECOND REACTION ZONE MAINTAINED AT A TEMPERATURE WITHIN THE RANGE OF A TEMPERATURE AT LEAST AS HIGH AS THE TEMPERATURE IN SAID FIRST REACTION ZONE AND BELOW THE TEMPERATURE AT WHICH ANY OF THE LIQUID PRODUCTS DEGRADE AND AT A PRESSURE IN EXCESS OF THE VAPOR PRESSURE OF SAID DIHYDRIC ALCOHOL AT THE TEMPERATURE EMPLOYED AND CONTINUOUSLY REMOVING PART OF THE RESULTING LIQUID EFFLUENT FROM SAID SECOND REACTION ZONE AS A PRODUCT AND RECYCLING THE REMAINDER BACK TO SAID FIRST REACTION ZONE, THE RATIO OF ALCOHOL UNITS TO ACID UNITS IN SAID SECOND REACTION ZONE BEING SUCH THAT THE LIQUID EFFULENT WHEN RECYCLED AND MIXED WITH THE COMPONENTS IN SAID FIRST REACTION ZONE DOES NOT BO DOES NOT BOIL.