March 6, 1986

The sweeping economic plan of wage and price controls that President Raul Alfonsin introduced here last June 14 has been held up as a model of the way to deal boldly with hyperinflation. Indeed, only last Friday Brazil was applauded for introducing a similar program to tackle its own economic problems. But while Argentina's Austral Plan, named for the new currency issued at the time, has effectively curbed the spiraling prices that had bedeviled the country, it has had problems on other fronts, failing to restore domestic growth and prosperity. Although the road was expected to be hard, there is nonetheless a sense of growing frustration that threatens to curb some of the enthusiasm that made the program work in its early months.

Several members of the President's Commission on Organized Crime asserted today that they were never shown the final version of the commission's report on drug enforcement, issued Monday. They said they were surprised and upset to read of its recommendation for widespread drug testing. ''I didn't get the final draft - I don't think any of us got the final draft,'' said Charles H. Rogovin, a commission member who is a law professor at Temple University in Philadelphia. The sections of the report advocating drug testing for Federal employees and contractors ''wasn't in the version I read,'' he said, adding, ''If I had seen it, I certainly would have asked questions.''

In their search for corruption in New York City government, Federal prosecutors in Manhattan have subpoenaed an avalanche of documents so immense it could fill a subway car. Since January, the office of the United States Attorney in Manhattan, Rudolph W. Giuliani, has alone subpoenaed more than two tons of documents. Huge quantities have also been subpoenaed by other prosecutors investigating allegations of corruption in the awarding of contracts. The chief of the Public Corruption Unit in Mr. Giuliani's office, Benito Romano, vowed that every sheaf of paper acquired through subpoenas would be ''reviewed'' by prosecutors on his staff. And, in a novel hunt for evidence, the most important information gleaned from the materials will be stored in a computer within a month, Mr. Romano said.

Ben Vereen recalls accompanying his mother to her cleaning job at Loews Kings Theater - Brooklynites pronounce that ''LOW-ees'' - and dancing on the huge stage while she worked. Barbra Streisand was an usher at the mammoth theater. And if you believe Anita Pfleiderer, who works in a school office, most of Nassau County grew up, as she did, in the neighborhood, and they still talk about their Saturday afternoons in the Flatbush Avenue palace of celluloid dreams. But the 3,200-seat Kings - a magnificent hodgepodge of Art Deco, Renaissance and ornate Baroque decoration, with a long, pink marble lobby, dramatic staircases, brass, bronze and lots of heavy, burgundy-colored drapery - has been shut for almost a decade now.

The German Bundesbank, in a move likely to spark an international round of interest rate cuts, is expected to loosen credit by lowering its 4 percent discount rate by one-half a point Thursday. Bundesbank officials said the ground was prepared for the move by discussions with other European central banks and that the Netherlands and Austrian banks were expected to match the decline. Officials also said there had been telephone contacts today with Tokyo, further fueling speculation that the Bank of Japan would soon follow the German central bank with a one-half point reduction of its 4.5 percent discount rate.