The process of claim 3 wherein said phenol is represented by the formula I: ##STR4## where Y or Z may be the same or different and are selected from the group consisting of a hydrogen atom, an alkyl group, an alkoxy group, an aryl group, an allyl group, a phenylalkyl group, a halogen atom, a --COOR group where R is a hydrogen atom or lower alkyl group, or a --NR1 R2 group where R1 and R2 are the s