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That's true. I wasn't quite telling the truth in the question - I didn't run show master status at all, I performed a mysqldump with the --single-transaction --master-data=2 parameters.
Thanks, that is indeed the way to do it before you make a dump - in my situation though I'd already got the dump and log position on the slave and needed to convert that into the master log position.
Thanks for the suggestion. I've run show create table mysql.proc on a working and non-working server (same MySQL version) and the result is identical on both.