Matter of fact, I load 7.5x55 for my M1911 rifle using the same powder charge (41.5gr IMR4895) and bullet (168gr Sierra HPBTM) as I do for the 7.62x51 loads in my M14NM, BM-59, and Remington 700 PSS. The Schmidt-Rubin 1911 just uses a larger case, with lower pressure and 30" barrel to get the bullet going, compared to the higher working pressure of the 7.62x51 NATO chambering. Way cool, and economical when it comes time to buy powder and bullets.
I use very close to the same loading in the 7.5 with the same bullets with 4064 as I do with the .308. The 7.5 case will hold just about as much water as a 30-06 case -a grain or two.
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