Tim, the answer to this is simply that the ANSI standard for light meters results in them giving a reading which is equivalent to a reflective reading off a 12-13% gray card. The standard photographer's gray card is 18% for reasons that are mostly historical and come from the world of printing, although Ansel Adams is also supposed to have badgered Kodak to make their cards 18% gray, for reasons that are not clear.
There is more here:
www.richardhess.com/photo/18no.htm
and here:
www.bythom.com/graycards.htm
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