Similar problem with 64 bit Ubuntu 7.10 Gutsy:

~$ sudo /etc/init.d/hwclock.sh restart
 * Saving the system clock
Cannot access the Hardware Clock via any known method.
Use the --debug option to see the details of our search for an access method.

Clock is lagging about an hour a day.

-- 
Could hwclock.sh fall back to using --directisa
https://bugs.launchpad.net/bugs/39959
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