Appreciate the reply Steve nevertheless. If you, with your far superior knowledge of clocks is stumped, then I think I have no hope of ever finding the answer.
As I type this, the clock is still keeping time for two hours after having to reset the time (it was 18 minutes off). Which reminds it, it tends to lose more time during different times of the day. So perhaps, there is a worn cog or some debris that is interfering. I might try oiling it if I'm at the point of throwing it out. Perhaps the higher voltage of new batteries causes the cog to skip and go backwards... Now I'm just making stuff up!
I agree they don't make clock movements like they use to. I have several other cheap and cheerful quartz clocks (shed, garage, laundry) that have no problem keeping time - perhaps the Japanese quartz movement is still the key.
I see there are some clocks with German quartz movements on the market. I hope precision German engineering applies to their clocks as well. If anyone can share any reliability or accuracy data, I'd be interested to hear from you.
Thanks again Steve. I hope haven't polluted your forum too much with an off topic post.