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On low power devices, a bad electrolytic does not necessarily bulge because there is simply not enough power to heat up a shorted one enough to bulge. You may indeed have some shorted or open capacitors in the circuit, regardless of appearance.
But the first order of business is to clean off the battery connectors and check for voltage on the board, as mentioned above. Power switches often fail on these sets, so check for voltage on either side of the switch while turning it on and off.
Do you then hear a click/pop in the speaker when you operate the switch, or any scratch noises as you operate the volume control?
jr
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