Renolds currently list four sizes of nominally 1/2x3/16 chains:
Number Pitch Inside width Bush/roller diameter
#111044 0.500 0.126 0.305
#111046 0.500 0.192 0.305
#110044 0.500 0.205 0.335
#110046 0.500 0.305 0.335
Current thoughts are Douglas used #110044 on the primaries of twenties era lightweight machines (350cc EW), and the veteran machines utilized #111046.
You may have the wider #110046 (note extra zero!) chain fitted, giving too much side clearance. Or your clutch sprocket may be worn by someone having run too narrow a chain on it in the past, giving it too much side clearance even with the proper chain fitted now.
-Doug