Questions and postings pertaining to the usage of ImageMagick regardless of the interface. This includes the command-line utilities, as well as the C and C++ APIs. Usage questions are like "How do I use ImageMagick to create drop shadows?".
"-composite" needs two input images. You have only one, created by "pango:". Perhaps you intended something like "xc:white" after setting the background.
"+write x.png" (with any filename) is a useful debugging tool. If you put this before the close parentheses, you will see the problem, that the "pango:" image is larger than you want, because it is using your initial "-size".
There are many possible fixes. One is to use "+size" after the open parenthesis, so "pango:" isn't given a size, so its result is small.
convert -size 320x96 -background black xc:white ( -gravity Center -background red -font "Verdana" -pointsize 32 pango:test ) -gravity center -composite output.jpg
Pango is using your "-size 320x96" as the size for its own container with the text centered horizontally, but starting at the top. You can get the text centered vertically by removing the canvas size setting after creating your canvas by using "+size" in a command like this...
convert -size 320x96 -background black xc:red +size -gravity Center ^
( -background red -font "Verdana" -pointsize 32 pango:test ) -composite output.jpg
That way Pango only makes the container large enough for the text you provide, and the vertical centering is done during the composite operation according to the gravity setting.