November 11, 1982

The Delaware River Basin Commission, citing a four-month dry spell in upstate New York, issued a drought warning today and cut 120 million gallons a day from New York City's allowance of Delaware River water. The cut is effective Saturday and reduces the city's daily allowance to 680 million gallons from the normal 800 million. The commission reported that its three reservoirs were down to 39.2 percent of capacity today, compared with 65 percent in a normal year at this time and 32 percent in the 1980 drought. Joseph T. McGough Jr., Commissioner of New York City's Department of Environmental Protection, said that for the time being the loss from the Delaware reservoir system could be made up from water in the city's Catskill and Croton reservoir systems.

Although there is widespread concern about the explosive growth of bank lending abroad and bank exposure to huge losses, there is considerable disagreement about whether Federal regulation of the loans is sufficient. Some members of Congress and Government agencies want Federal regulators to restrain foreign lending and limit bank exposure. They also urge banks to take a closer look before lending to foreign borrowers. Almost all parties, including bankers, agree that more information is needed about foreign borrowers.

In a major step in its campaign to denationalize state-controlled businesses, the British Government today released details of its plans to offer private investors 51 percent of Britoil P.L.C., which has a stake in almost one-third of all North Sea petroleum properties. The tender offer is designed to raise a minimum of 548 million for the Government, or the equivalent of about $910 million, in gross proceeds. That sum would make it among the largest British offerings of a stock with no prior trading record. The minimum tender price would put a market value on the whole company of 1.08 billion, or $1.78 billion, placing it in the top 15 British companies on the London Stock Exchange.

''You have done commendable things for many people. For this you received personal gratification, affection, respect and high office.

Sue Mittenthal frequently writes on issues that affect children. AT first glance the kindergarten room in the New York City private school appears unremarkable: the customary building blocks, a colorful spectrum of clays and paints, collections of autumn leaves and racks of books for story hour. But closer inspection reveals an array of materials traditionally alien to a class for 4- and 5-yearolds: sets of alphabet letters for group phonics lessons, lined notebooks for writing practice, picture cards and charts displaying words and sentences, and mathematical games to teach the principles of the number system. While a wide variety of preschool programs still exists, the 1980's may see more and more kindergartners poring over readers, workbooks and ditto sheets. Pressure to cover academic subjects so early, most kindergarten teachers agree, is coming from anxious parents.