President rain and a debris-filled course forced cancellation of yesterday's final session of the President's Cup Regatta at Hains Points.

The scheduled third round of heats plus finals in five classes was delayed twice while racers and officials awaited a break in the weather and finally halted nearly three hours after the scheduled noon start.

"It was not so much the rain - the drivers would have gone out in a light drizzle," said Charlie Garnett, the meet public relations director. "But, take a look at that driftwood out there.

"Steady rain like this has a tendency to bring in driftwood from upstream. If a boat hits that at top speed, it can have its hull cracked."

Racers and officials met and, although several drivers were willing to race, the majority voted to cancel. There was no possibility of setting the race back one day because of other commitments by the drivers.

Saturday's fastest qualifiers received trophies for their classes. The Gold Cup went to Grand Prix International class winner Tom Baker of Queenstown, Md., and his Deepwater Too. Baker ran only once Saturday but easily compiled the best average speed (92.30 miles per hour) around the five-mile course.

Other trophy winners included Doug Brogden of Newport News, Va. (Wanton Duchess), in the 145 class; Dick Berthold, Fox River Grove, Ill. (Intimidator), in super stocks-ski boats; John Clark, Red Bank, N.J. (Fast Buck), in Jersey skiffs; and Robert Geekie, Massapequa, N.Y. (Quick Trick), in the 280 category.