Thanks , you solved my problem.
Knowing what was meant to happen I had another look at my code. I actually don't have anything in the PictureBox, I just wanted its 3d border to provide a frame around something I am drawing onto the form.
In the form paint event I had (I'm new at this!):
Dim g As Graphics = Me.CreateGraphics
g.DrawRectangle(Pens.Blue, New Rectangle(50, 50, 100, 100))
The square dosen't show through. When I changed it to:
e. DrawRectangle(Pens.Blue, New Rectangle(50, 50, 100, 100))
The square shows through!