To have your display the proper time:

1) Make sure your MacOS clock is set to the proper time and to the 
    proper timezone.
2) Make sure /etc/localtime is a link to the proper timezone.
3) If you are using the RedHat installation and its init scripts verify that
   /etc/sysconfig/clock has this content:

   UTC=false
   ARC=false

4) Download clock.tar.gz from 
        ftp://ftp.linuxppc.org/install/Macintosh/pmac/clock.tar.gz

5) Install by untarring from the root directory.
6) Run /sbin/clock -s (If you are not using the RedHat installation, you should
   also add this command to your boot script).

On PCI Macs, prior to MkLinux DR2.1 Update 5, there was a problem 
reading the localtime offset from PRAM.  If you have a PCI Mac, 
install update 5. -- pg@sweng.stortek.com

I believe this problem has been fixed for most Power Mac systems 
in DR3 and the GENERIC series kernels.  -- ddkilzer@earthlink.net

The URL for "clock" that is working for me today is:
   ftp://ftp.linuxppc.org/linuxppc-2000/software/clock-1.1-6a.ppc.rpm