Moving iTunes Music to a new HD in Yosemite? problems!

Hi have used the advanced tab in iTunes to move my music to an external harddrive, but it did not copy over all the existing folders (music or books) in my current iTunes folder. I used Consolidate, but apparently it does not. So, it appears that you can't move your existing library to save HD space? I read that this setting only moves new content to the new folder, but leaves old stuff in place? If that is the case, this procedure isn't going to save me much space for now.