Thanks but unfortunately the problem remains.
I wonder if I’m doing this right:
I went out of Premiere and in Finder I went down the path: me, Documents, Adobe, Premiere Pro and under that I moved the entire directory “5.5” to trash.
I went back into Premiere, Premiere Pro, Preferences, Media, pressed the Clean button, OK, exit Premiere Pro, Restart machine.
I created a new project and using the Media Browser I Imported the file, right click, New Sequence from Clip, but the audio stops in exactly the same place.
In desperation I started up Final Cut Pro and did a Log and Transfer and once that had finished the created clip (about 50 mins long) is just fine. So it has to be some other pointer in Premiere that I need to delete/reset or whatever which has become screwed up for this particular clip. I have three other clips (from three other camcorders used at the same performance) and they are just fine. Please, any more ideas?
PP 5.5.2, iMac 24 3.06 8GB OSX 10.7 MBP 17″, 2.3 GHz 8GB. Near Geneva, Switzerland