Static page setting not found question

Hi all,

after setting our WordPress MU network, I am trying to set the home page of our network to a static home page, so from the Admin control panel, I went to Settings >> Readings but I can't find the Font page selection option!

So can anyone please tell me what I could be doing wrong here? and how I can setup the network home page to be a static page and setup another page for the network blog page

I am using the latest version of WP and I have set the network to use subdomains

Thanks in advance for your time