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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001035076-99-000041.txt : 19990325
<SEC-HEADER>0001035076-99-000041.hdr.sgml : 19990325
ACCESSION NUMBER:		0001035076-99-000041
CONFORMED SUBMISSION TYPE:	SC 13G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		19990324

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST AUSTRALIA FUND INC
		CENTRAL INDEX KEY:			0000779336
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				133304681
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		SC 13G
		SEC ACT:		
		SEC FILE NUMBER:	005-55117
		FILM NUMBER:		99571183

	BUSINESS ADDRESS:	
		STREET 1:		100 MUDBERRY STREET
		CITY:			NEW YORK
		STATE:			NJ
		ZIP:			07102-4077
		BUSINESS PHONE:		2122141250

	MAIL ADDRESS:	
		STREET 1:		100 MUDBERRY STREET
		CITY:			NEWARK
		STATE:			NJ
		ZIP:			07102-4077

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TATTERSALL ADVISORY GROUP INC /FA
		CENTRAL INDEX KEY:			0001035076
		STANDARD INDUSTRIAL CLASSIFICATION:	 []
		IRS NUMBER:				541836068
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G

	BUSINESS ADDRESS:	
		STREET 1:		6620 W BROAD STREET
		STREET 2:		SUITE 300
		CITY:			RICHMOND
		STATE:			VA
		ZIP:			23230
		BUSINESS PHONE:		8042880404

	MAIL ADDRESS:	
		STREET 1:		6620 W BROAD ST
		STREET 2:		SUITE 300
		CITY:			RICHMOND
		STATE:			VA
		ZIP:			23230

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LOWE BROCKENBROUGH & TATTERSALL STRATEGIC ADVISORS INC /FA
		DATE OF NAME CHANGE:	19970305
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G
<SEQUENCE>1
<TEXT>

			       SCHEDULE 13G


	       Under the Securities Exchange Act of 1934
			(Amendment No.________)*


The First Australia Fund, Inc._______________________________
(Name of Issuer)
Common Stock____________________________________________________
(Title of Class of Securities)
318652104_______________________________________________________
(CUSIP Number)
Date of event which requires filing of this statement: 12/31/98

Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
      X  Rule 13d-1(b)
         Rule 13d-1(c)
         Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person's 
initial filing on this form with respect to the subject class of securities, 
and for any subsequent amendment containing information which would alter the 
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be 
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange 
Act of 1934 ("Act") or otherwise subject to the liabilities of that section 
of the Act but shall be subject to all other provisions of the Act (however. 
see the Notes).



CUSIP NO 0000779336_____          13G                   Page____ of _____



1.  Name of Reporting Person
	S.S. or I.R.S. Identification No. of Above Person
 Tattersall Advisory Group, Inc.
  54-1836068


2.  Check the Appropriate Box if a Member of a Group*

							(a) 
							(b) XX


3.  SEC USE ONLY



4.  Citizenship or Place of Organization
    6802 Paragon Place Suite 200
    Richmond, Virginia 23230-1655


Number of               5. 879,700  shares
    Shares
Beneficially            6.  0 
Owned by
    Each                7. 879,700 
Reporting
    Person              8.  0
    With



9.  Aggregate Amount Beneficially Owned By Each Reporting Person
	    879,700 shares


10.  Check Box If The Aggregate Amount In Row (9) Excludes 
       Certain Shares*



11.  Percent Of Class Represented By Amount In Row 9
	     5.1%


12.  Type of Reporting Person*
       	IA





   SIGNATURE


	After reasonable inquiry and to the best of my knowledge
 and belief, I certify that the information set forth in
 this statement is true, complete and correct.



   The First Australia Fund, Inc.


ITEM 1:
  a)  The First Australia Fund, Inc.
  b)  Gateway Center Three
      100 Mulberry Street
      Newark, NJ  07102


ITEM 2:
  a)  Tattersall Advisory Group, Inc.
  b)  6802 Paragon Place Suite 200 Richmond, Virginia 23230-1655
  c)  USA
  d)  Common Stock
  e)  318652104

ITEM 3:
  e)  IA

ITEM 4:
  a)   879,700 SHARES
  b)   5.1%
  c) (i)  879,700 shares
     (ii) 0
    (iii) 879,700 shares
    (iv)  0

ITEM 5:
  Not applicable

ITEM 6:
  Not applicable

ITEM 7:
  Not applicable

ITEM 8:
  Not applicable

ITEM 9:
  Not applicable

ITEM 10:
  Certification

Date:  January 15, 1999


______________________________________________
James E. Mallory, Director of Closed-End Funds

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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