Pg subtracts one minute from time

Help!

Postgresql subtracts one minute from any times I enter into a database:

mydb=# create table test (timeval time);
CREATE
mydb=# insert into test values ('02:00');
INSERT 22313 1
mydb=# insert into test values ('03:00:00');
INSERT 22314 1
mydb=# insert into test values ('08:30');
INSERT 22315 1
mydb=# select * from test;
 timeval
----------
 01:59:00
 02:59:00
 08:29:00
(3 rows)

mydb=#


What am I doing wrong?

Thanks,

Barry