Automation & Track Volume Meter problem

Hello,
I have one particular Sonar X1 Producer project with volume automation, but the track volume meter display, doesn't follow the envelope.
It is sort of acting a gain control. If I set it manually with a mouse to a certain value manually, it stays displayed at that level, but the track is playing out with the envelope changing, but at a base level as set by the track volume value.
 
Weird or what?
 
If I delete the envelope there is no change. If I re-add the envelope, that doesn't help.
I tried adding a new track, but the behavior is the same.
 
Is there some other setting that would be doing this?
 
regards
Adrian