I found this post from Code Project!!! Maybe helpfull for other versions or could it be possible to have a patch for this????
Solved balance problem? geert jacobs 4:39 9 May '03
I had the same balance problem as mentioned in an earlier thread. Whenever i changed the volume the balance fader jumped to the left and stayed there.
After comparing with some other volume tools I changed a line in the SetControlValue function. I changed the line
mxcd.cChannels = m_dwChannels;
mxcd.cChannels = 1;
Apparently this could have something to do with Master volume being the first mixer or so. Could someone confirm this?