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SIGNATURE EUGENE. S. STARK
TITLE ASSISTANT TREASURER
For the fiscal year ended (a) 10/31/95
File number (c) 811-4438
SUB - ITEM 77J
Reclassification of Capital Accounts
The Fund accounts and reports for distributions to shareholders in accordance
with AICPA Statement of Position 93-2: Determination, Disclosure, and
Financial Statement Presentation of Income, Capital Gain, and Return of
Capital Distributions by Investment Companies. During the year ended
October 31, 1995, the Fund increased undistributed net investment income by
$633,964, increased accumulated net realized gains on investments by
$536,607, decreased accumulated realized and unrealized foreign exchange gains
by $1,160,899 and decreased pain-in capital in excess of par by $9,672.
Net investment income, net realized gains and net assets were not affected
by this change.
December 11, 1995
To the Board of Directors and Shareholders of
The First Australia Fund, Inc.
In planning and performing our audit of the financial
statements of The First Australia Fund, Inc. (the "Fund")
for the year ended October 31, 1995, we considered its
internal control structure, including procedures for
safeguarding securities, in order to determine our
auditing procedures for the purposes of expressing our
opinion on the financial statements and to comply with the
requirements of Form N-SAR, and not to provide assurance
on the internal control structure.
The management of the Fund is responsible for establishing
and maintaining an internal control structure. In
fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits
and related costs of internal control structure policies
and procedures. Two of the objectives of an internal
control structure are to provide management with
reasonable, but not absolute, assurance that assets are
appropriately safeguarded against loss from unauthorized
use or disposition and that transactions are executed in
accordance with management's authorization and recorded
properly to permit preparation of financial statements in
conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and may not
be detected. Also, projection of any evaluation of the
structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or
that the effectiveness of the design and operation may
deteriorate.
Our consideration of the internal control structure would
not necessarily disclose all matters in the internal
control structure that might be material weaknesses under
standards established by the American Institute of
Certified Public Accountants. A material weakness is a
condition in which the design or operation of the specific
internal control structure elements does not reduce to a
relatively low level the risk that errors or
irregularities in amounts that would be material in
relation to the financial statements being audited may
occur and not be detected within a timely period by
employees in the normal course of performing their
assigned functions. However, we noted no matters
involving the internal control structure, including
procedures for safeguarding securities, that we consider
to be material weaknesses as defined above as of October
31, 1995.
This report is intended solely for the information and use
of management and the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
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