Things you might have heard at the Moroccan Embassy party last night for the new chairman of the Senate Foreign Relations Committee, Charles Percy (R-Ill.):

From Armand Hammer, just back from checking up on his $2 billion petrochemical business in Canada: "We had a two-hour dinner with Pierre Trudeau Monday night, who wanted to know all about Russia and Lenin. He thought he'd get along with Reagan, who was advised not to go there, you know, but acted on his own hunch and went anyway."

From White House press secretary James Brady, just back from checking out Canada with his boss and explaining Reagan's lapse in his speech before Parliament: "He had his eyes on [a reference to the president's contact lenses] but he still couldn't read his own microscopic handwriting."

From Sen. Percy, who watched it on television: "The speech must go down in history as one of the great speeches of its kind."

These comments flowed like the cocktails as some 70 formally clad guests gathered to fete the new chairman and eat couscous and tiny fowl. Moroccan Ambassador Ali Bengelloun and his wife Jacqueline invited a cross section of official and social Washington, including Saudi Arabian Ambassador Faisal Alhegelan, OAS Secretary General Alejandro Orfila, IMF chairman Jacques de Larosiere, columnist Charles Bartlett and Ina Ginsburg.

Former deputy CIA director Vernon Walters was just back from South America where he made a 10-day tour at the request of his longtime friend and former army colleague, Secretary of State Alexander Haig. He wouldn't talk about his conclusions -- "I haven't made my report to Gen. Haig yet" -- but he told of testifying before the House Foreign Affairs Committee Tuesday on the lifting of sanctions against Chile.

"In what capacity, General?" someone asked.

"As somebody who lived in South America for a long time," he said.

In the toasts, the ambassador spoke of Percy's knowledge of international affairs, and Percy mentioned that Morocco "was the first to recognize the United States of America 194 years ago, and we couldn't repay that until 1956 when Morocco became independent."

Amid this talk of friendship, it didn't go unnoticed that Morocco is due to receive $30 million in foreign assistance under the Reagan budget proposals, which is up $5 million from a year ago. But even that is not as much as Morocco had been hoping to get, according to the ambassador.

"Thirty million dollars is nothing -- It's very small, if you hear what others are getting," he said.

But this did not dull his enthusiasm for the Reagan administration or its efforts to stop foreign intervention in El Salvador. "As a matter of fact, I think there is a connection between what we have in our country and what goes on in El Salvador," said Bengelloun.