Crossword Genius

Channel some stationer's inventory (8)

Ross

I believe the answer is:

penstock

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'channel' is the definition.
(penstock is a kind of channel)

'some stationer's inventory' is the wordplay.
'some stationer' becomes 'pen' (I can't explain this - if you can you should give a lot more credence to this answer).
'inventory' becomes 'stock' (synonyms).
'pen'+'stock'='PENSTOCK'

Can you help me to learn more?

(Another definition for penstock that I've seen is " Supply of water".)

I've seen this clue in the Sydney Morning Herald.
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