TECHNOLOGY FOCUS - INORGANIC CHEMISTRY - Preferred Process: In the process, at least a portion of the platinum of the composition is in a reduced valence state. The composition is reduced at 20-650 degrees C, preferably 100-500 degrees C, before the oxidation. The contacting is carried out at room temperature to 100 degrees C, preferably 70-85 degrees C. EXAMPLE - Pentane (300 ml) was sprayed onto calcined alumina. A solution of chloroplatinic acid (50 g) and ferric chloride (14.3 g) in acetone (500 ml) was sprayed onto the alumina in a series of several applications. The composition was dried by blowing air through the spheres, between each of the acetone applications and after the final application. Pentane (300 ml) was sprayed before each acetone application. The catalyst was then treated with hydrogen sulfide. The catalyst (300 g) was treated in a 3.5 inch tube at a flow velocity of 150 ml/minute for 15 minutes. The catalyst was then flushed with air for one hour. A furnace was then preheated to 320 degrees C and a 3.5 inch tube containing the hydrogen sulfide treated catalyst (300 g) was then steamed by passing 1.5 l/minute of water-saturated air at 82 degrees C through it. The water vapor treatment was continued for 2.5 hours at 310-320 degrees C. The steamed catalyst (150 g) was added to a 2 inch tube. Water-saturated hydrogen was contacted with the catalyst at 3.5 l/minute. The temperature was increased at 3 degrees C per minute to 270 degrees C and held at this temperature for 6 hours. The temperature was then increased to 290 degrees C at 3 degrees C per minute and held for 1 hour. The heater was then turned off and the temperature was reduced to 30 degrees C under a hydrogen flow. The catalyst was then flushed with nitrogen for ten minutes. The catalyst (2 g) was placed in a reactor, which was set at 60 degrees C. A flow of gas was then charged to the reactor. The gas flow comprised carbon monoxide (5 ml/minute), carbon dioxide (100 ml/minute), hydrogen (395 ml/minute), air (18 ml/minute) and water vapor. The catalyst provided 99.82% of carbon monoxide conversion.