Hi dolittle,
Based on my test, it's not caused by the Master page. It's possibly caused by the page which uses the Master page.
Since you've defined Label1 in Master page, you can't use "Label1.Text = xx" in other page which inherits the Master page. Otherwise, it'll cause the name conflict.
A quick way to locate the error is to search the "Label1" key words in the page which inherits the Master page. You have to both rename the label control in aspx page and modify the label name in code-behind. For example:
<asp:Label ID="Label3" runat="server" Text=""></asp:Label>
In code-behind:
Label3.Text = time;
Thanks.