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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000943663-01-500061.txt : 20010503
<SEC-HEADER>0000943663-01-500061.hdr.sgml : 20010503
ACCESSION NUMBER:		0000943663-01-500061
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20010502

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:		1620237

	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
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<BR>Dear Investment Professional,
<BR><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your clients owning The First Australia Prime Income Fund, Inc. (&#147;FAX&#148;),<B> renamed Aberdeen
<BR>Asia-Pacific Income Fund, Inc., May 1, 2001, have recently received</B> a proxy statement dated March
<BR>19, 2001 (the &#147;Proxy Statement&#148;) asking them to approve proposals to change FAX&#146;s investment
<BR>objective, policies, and restrictions. Approval of these proposals <B>is essential for </B>FAX to <B>importantly</B>
<BR>increase its investment in Asian debt markets. The Proxy Statement explains relevant changes in recent
<BR>years in the debt markets, economies, and currencies of Australia and Asia.<B> The voting is scheduled for
<BR>the adjourned Annual Meeting on May 10, 2001. </B></P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAX&#146;s Board of Directors has unanimously recommended that shareholders approve proposals
<BR><B>(other than the withdrawn proposal 3D)</B> in the Proxy Statement that would allow FAX&#146;s current 35%
<BR>asset limitation in Asian debt to potentially expand to a maximum of 80%. This would further allow FAX
<BR>to seek higher interest rates and greater diversification of currencies and a broader range of credit ratings.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders should refer to the Proxy Statement for details on the proposals, background, yield
<BR>opportunities in Asia, and the risks generally involved in investing in Asian debt securities.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please remind your clients owning FAX as of March 5th (eligible record date for voting) that
<BR><B>&#147;FOR&#148; </B>votes are required to approve the proposals which would afford FAX increased ability to
<BR>participate in Asian debt markets. In fact, because of the vote requirement to approve the proposals,
<BR>shareholders who do not vote will effectively be voting against the proposals. Clients with questions on
<BR>voting instructions should call InnisFree M&amp;A Incorporated toll free at 1-888-750-5834. <B>Please remind
<BR>your clients that the voting is scheduled for the adjourned Annual Meeting on May 10, 2001.</B></P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As you may know, Aberdeen Asset Managers (C.I.) Limited and Aberdeen Asset Management
<BR>Limited, members of the Aberdeen Group, serve as FAX&#146;s investment manager and investment adviser,
<BR>respectively. As the provider of investor relations services to FAX, and as a member of the Aberdeen
<BR>Group, we welcome your calls anytime to our New York office at 800-522-5465.</P>
<P>Thank you for your interest in <B>Aberdeen-Asia Pacific Income Fund.</B></P>
<BR>
<BR>

<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sincerely,
<BR>
<BR>
<BR>

<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aberdeen Asset Management
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 Broadway, 31st Floor

<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York, NY 10006
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ph# 212-968-8800 / fax# 212-968-8888

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