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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000790500-01-500005.txt : 20010410
<SEC-HEADER>0000790500-01-500005.hdr.sgml : 20010410
ACCESSION NUMBER:		0000790500-01-500005
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20010409

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST AUSTRALIA PRIME INCOME FUND INC
		CENTRAL INDEX KEY:			0000790500
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				133334183
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		
		SEC FILE NUMBER:	811-04611
		FILM NUMBER:		1597796

	BUSINESS ADDRESS:	
		STREET 1:		ONE SEAPORT PLAZA
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10292
		BUSINESS PHONE:		2122141250

	MAIL ADDRESS:	
		STREET 1:		ONE SEAPORT PLAZA
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10292
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>defa14a.htm
<TEXT>

<HTML>
<HEAD>
<TITLE>Investment Professional</TITLE>
</HEAD>
<BODY>

<p><FONT   FACE="Times  New  Roman,   Times,   Serif"   SIZE=2>Dear   Investment
     Professional,</FONT></P>

<P><FONT        FACE="Times        New        Roman,        Times,        Serif"
     SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your  clients owning
     The First  Australia  Prime Income  Fund,  Inc.  (&#147;FAX&#148;)  are now
     receiving  a  proxy  statement  dated  March  19,  2001  (the   &#147;Proxy
     Statement&#148;)  in which  they are being  asked to approve  proposals  to
     change  FAX&#146;s  investment  objective,   policies,   and  restrictions.
     Approval of these  proposals would enable FAX to increase its investment in
     Asian debt  markets.  The Proxy  Statement  explains  important  changes in
     recent years in the debt markets,  economies,  and  currencies of Australia
     and Asia.  This note is to give you some  background on the Proxy Statement
     and to emphasize the importance of voting. </FONT></P>

<P><FONT        FACE="Times        New        Roman,        Times,        Serif"
     SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAX&#146;s  Board of
     Directors  has  unanimously   recommended  that  shareholders  approve  the
     proposals in the Proxy  Statement that would allow  FAX&#146;s  current 35%
     asset  limitation in Asian debt to potentially  expand to a maximum of 80%.
     This approval  would further  allow FAX to seek higher  interest  rates and
     greater  diversification  of  currencies  and a  broader  range  of  credit
     ratings. </FONT></P>

<p><FONT FACE="Times New Roman, Times, Serif"  SIZE=2>Shareholders  should refer
     to the Proxy  Statement  for details on the  proposals,  background,  yield
     opportunities  in Asia,  and the risks  generally  involved in investing in
     Asian debt securities.</FONT></P>

<P><FONT        FACE="Times        New        Roman,        Times,        Serif"
     SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please  remind  your
     clients  owning FAX as of March  5<SUP>th</SUP>  (eligible  record date for
     voting) that  &#147;FOR&#148;  votes are required to approve the  proposals
     which  would  afford FAX  increased  ability to  participate  in Asian debt
     markets. In fact, because of the vote requirement to approve the proposals,
     shareholders  who do not  vote  will  effectively  be  voting  against  the
     proposals.  Clients  with  questions  on voting  instructions  should  call
     InnisFree M&amp;A Incorporated toll free at 1-888-750-5834. </FONT></P>

<P><FONT        FACE="Times        New        Roman,        Times,        Serif"
     SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As   you  may  know,
     Aberdeen  Asset  Managers  (C.I.)  Limited and  Aberdeen  Asset  Management
     Limited,  members of the Aberdeen  Group,  serve as  FAX&#146;s  investment
     manager and investment adviser,  respectively.  As the provider of investor
     relations  services  to FAX,  and as a member  of the  Aberdeen  Group,  we
     welcome  your  calls  anytime  to our  New  York  office  at  800-522-5465.
     </FONT></P>

<P><FONT        FACE="Times        New        Roman,        Times,        Serif"
     SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thank  you for  your
     interest in The First Australia Prime Income Fund, Inc. </FONT></P>

                                            Sincerely,



                                            Aberdeen Asset Management

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