NEW RELEASES : Isn’t It a Pity They Never Met Before? : **** SHIRLEY HORN, “Here’s to Life”, <i> Verve</i>

All the essential elements for a flawless production are in place in this ne-plus-ultra collection. Everything is first-rate: the singing, the lyrics, the melodies, the arrangements, the pianism. Horn interprets such exceptional songs as Artie Butler’s title track, and her piano solos on several cuts, notably “How Am I to Know?” and “Return to Paradise,” represent a new peak of achievement.

Johnny Mandel plays a significant role: He contributed not only the string-enriched arrangements but also three of the finest compositions--”A Time for Love,” “Quietly There” and “Where Do You Start?” Trumpeter Wynton Marsalis guests on two tunes.

The mood is almost consistently low-key, but to toss in a couple of up-tempo tracks for the sake of variety would have been counterproductive. Horn and ballads belong to each other. Her sensitive understanding of the lyrics and her vocal range (notice the low B on “A Time for Love”) have never been more handsomely displayed. The only song marred by contrived words is “Isn’t It a Pity,” which rhymes salmon with backgammon .

New albums are rated on a scale of one asterisk (poor) to four (excellent). A rating of five asterisks is reserved for classic reissues or retrospectives.