set_timer1() Question

[Mill]

According to the following code, I think PIN A1 should be HIGH for 262msecs and LOW for 102msecs. This is not what is happening. I tried changing the SET_TIMER1(X) number but it doesn't seem to change anything.
What is it that I am doing wrong?

void main()
{
int16 delay = 0x4E20;
SET_TIMER1(delay);
SETUP_TIMER_1(T1_INTERNAL|T1_DIV_BY_8);

while(TRUE)
{
if(GET_TIMER1() <32768)
OUTPUT_LOW(PIN_A1);
if(GET_TIMER1()>32768)
OUTPUT_HIGH(PIN_A1);
}
}
//For some reason the code changed. So I fixed it again.

[PCM programmer]

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