10.3.8 clock won't retain transparency setting

[Dave]

I am using 10.3.8 with the latest updates. I have the date/time
preference set to show an analog clock in a window. I set it to very
transparent, which works. However, when I log back in the transparecy
setting has returned to the default.

All other clock settings, including the location on the desktop, are
retained, and I can find no other system preference that is being
"lost" between sessions.

Any ideas?

Thanks
Davce