May 24, 1985

The Chevron Corporation said yesterday that it had agreed to sell its 60.2 percent stake in Gulf Canada Ltd. to Olympia & York Developments Ltd., the largest office developer in North America and a major landlord in New York City, for about $2.18 billion. Canadian officials said they believed it to be the largest acquisition in Canadian history. Chevron said the sale would help reduce the debt it incurred last year from its $13.3 billion acquisition of the Gulf Corporation. Olympia & York said it did not intend to make a similar offer for the remaining 40 percent of Gulf Canada's shares, a large part of which are already owned by Canadians.

The Democratic-controlled House of Representatives today approved a Government budget outline that would reduce the projected deficit in the fiscal year 1986 by $56 billion. The vote was 258 to 170, with 24 Republicans joining 234 Democrats in support of a budget that projects spending at $967 billion in the year that starts Oct. 1, revenue at $794 billion and the deficit at $173 billion. Over three years, the plan would cut projected deficits by a total of $259 billion. Fifteen Democrats voted no. In both cases, the Republicans and Democrats who crossed over were a mixture of conservatives, moderates and liberals.

A picture on the first page of Business Day yesterday, with an article about Lloyd's of London, was published erroneously. It showed Princess Michael of Kent, not the Duchess of Kent.

The Federal Bureau of Investigation said today that it expected more arrests in what some officials described as one of gravest security breaches in the history of the Navy. Spokesmen for the bureau said they expected to arrest additional associates of a retired Navy communications specialist and his son, who have been charged with smuggling secret documents to the Soviet Union. ''I would expect more charges against more people, associates of the father,'' said Bill Baker, the assistant F.B.I. Director for Congressional and public affairs. ''We think this ring is bigger than the two now charged.'' Inquiry Centers on Father The investigation centers on John A. Walker, 47 years old, a former warrant officer who had access to detailed information about the movement of the American and Soviet fleets in his 20-year naval career.

In the tax revision plan President Reagan submits to Congress next week, he will propose that the personal exemptions that taxpayers can take for themselves and their dependents be nearly doubled next year, Administration officials said today. The exemption was one of the last matters to be decided. Last Friday a senior Administration official said the President would propose that the exemption, now $1,040, rise to $1,500 for the 1986 tax year and then gradually to $2,000 over a period of years. That decision was reversed this week in favor of a rise to $2,000 next year, the officials said.