The data directory was initialized by PostgreSQL version 7.4, which is not compatible with this version 7.3.3.

I have installed the PostgreSQL-7.4beta5 version (the only package I
could get to install from source under Mac OS X Panther) and everything
worked find. However, when I start postmaster and try to create
database "test" I got this error.

createdb: could not connect to database template1: FATAL:  The data
directory was initialized by PostgreSQL version 7.4, which is not
compatible with this version 7.3.3.

I am assuming this means template1 was created by version 7.3.3, my
previous version. Is this assumption correct? How can I fix this
problem?

Thanks for any help.
Philip D Riggs