October 25, 1985

Because of a transmission failure, excerpts in Metropolitan Report yesterday from a judge's decision to block a referendum on a Navy base at Staten Island omitted several key sentences. An article including the omitted material appears today on page B14.

''This is a solemn moment. Leaders of all nations are assembled here and behind them is the single, collective constituency of the human race.''

The House of Representatives today approved a package of spending cuts that would reduce the Federal budget deficit by about $60 billion over three years. The package, approved by a vote of 228 to 199, includes major cuts in rural and public housing, reductions in veterans' programs, including a means test for some medical care, cuts in student loans and a one-year freeze in pay for civilian Federal workers. The Senate bogged down today on its own deficit-reducing package and final work was put off because of a dispute over attaching a measure to curb textile imports. The Reagan Administration has threatened to veto both the House and Senate proposals. Objection to Farm Proposal Agriculture Secretary John R. Block said today that President Reagan was also likely to veto separate farm legislation, to be debated in the Senate in the next few days, because of ''runaway budget exposure.'' [Page B11.] In a separate move aimed at the budget deficits, House and Senate conferees expressed optimism that they would be able to reach a compromise on legislation to mandate a balanced budget by 1991.

International President Reagan urged a fresh start in United States-Soviet relations and called on Moscow to resolve conflicts in five countries as a major step toward easing tension with Washington. Addressing the United Nations General Assembly, Mr. Reagan linked progress in East-West relations to a resolution of conflicts in Afghanistan, Angola, Cambodia, Ethiopia and Nicaragua. [Page A1, Col. 6.] Nicaraguan and Ethiopian officials denounced President Reagan's speech at the United Nations and took issue with his statements on the number of Soviet-backed troops in their countries. He was also criticized for not mentioning South Africa and the global economic crisis. [A10:1-4.]

The Procter & Gamble Company, the Cincinnati-based giant, today reported a 12.1 percent gain in net income for the recently concluded quarter, leading the earnings performance of three other large food and consumer products companies also reporting today. Dart & Kraft Inc., based in Northbrook, Ill., reported a 1.1 percent decline in net income for the quarter, while the Sara Lee Corporation and The Quaker Oats Company, two other companies based in the Chicago area, reported gains of 6.8 percent and 7.8 percent, respectively. While the food and consumer products industry has been rife with takeovers and takeover rumors in recent months, Wall Street analysts said that investors who had driven prices of the stocks up recently on takeover speculation should not be surprised by the lackluster results. ''These stocks have acted so well lately, but people should remember that this is basically a very mature industry,'' said William Leach, an analyst with the Donaldson, Lufkin & Jenrette Securities Corporation in New York. ''As a group, the food stocks are selling at historically high multiples which do not reflect great earnings, but a play on takeovers.''