I can't see what I'm doing wrong.
I'm trying to bounce two mono tracks (80,81) down to a stereo mix. I have panning and levels set up the way I want.
I select the clips; choose "Bounce to Track", specify the destination track (81); and the source bus ("Monitor").

It appears to bounce ok but the rendered stereo clip that results is ignoring source track levels:

Tracks 80,81 are the source tracks, both directed to the "Monitor" buss.
I panned them first, then when I couldn't believe the results, I dropped the track gain down to -15 db and even cut out a section of the right-panned clip, just to see the results - and look at the result in Track 82! It's ignoring gain, possibly panning... apparently even a muted clip.
 
If anyone can spot what I'm doing wrong - I'd be very grateful.
 

I can see by looking at the waveform that the panning is working fine.
I'm interested to know why you used the clip gain and not clip volume for the test? 
You have "clip automation" set clear, so the gain settings won't have an effect.  It may also explain why the clip mute is being ignored.
 
 
Edit:  I misread clips and tracks...

Thank you Karyn. You were right about the panning being respected. I guess I didn't think that the track gain or clip muting was considered to be "track automation".
 
But in hindsight, once I'd directed the source tracks to a dedicated mixdown bus ("Monitor") there was no reason for me to uncheck all those options. Re-ticking them results in the output I expect.
 
Thanks again!