clock synchronization update

[R. Hirschfeld]

I recently upgraded my kernel from 2.4.20-8e (YDL 3.0) to 2.4.22-2g
(YDL 3.01), and since the upgrade my system clock runs a little less
slow.  The error (measured over several days) was about -300 ppm and
now it is about -294 ppm, a difference of more than half a second per
day.  This leads me to conclude that the slow clock may be at least
partly a software issue.  Can anyone explain how the system clock is
calibrated by the kernel?  Jiffies and the like are a mystery to me.

Ray