According to legend (Brian May), the recording session was using existing BBC tapes, recording over old radio programmes
This spoken section just happened to be there in the gap, they liked it and left it
The woman speaking is reading a dissertation about Herman Hesse's 1922 Siddhartha novel - hence the intriguing references to Buddhism, Brahmanism and deluded spirits.
Every session recorded by the BBC was recorded on 8-track machines and whilst stereo copies were sometimes retained, the numerous multi-track used to create them, were not.
When Queen assembled in the control room to play back the material just recorded, they were surprised to discover the remnants of a un-broadcast Radio 4 programme laid down in the same studio days earlier. The reason why they kept it on the recording according to the producer Jeff Griffin, is quite simple; "it just seemed to fit the recording, so we used it".
1978- when i found the amazing record where this version was heard, i was really flabbergasted, thought it was something done by the producers of the album ( no news is good news ) and it made this record so 'bootleg-ish. A gem found on the Sheetkeeckers record as well. 'Ballroom blitz'......lots of questionings, mysticism...a beautiful 'something'