Deliver jokes, leading horse to ditch (8,4)

I believe the answer is:

dispense with

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'ditch' is the definition.
The answer and definition can be both to do with ownership as well as being verbs in their base form.
Perhaps there's a link between them I don't understand?

I don't understand how the remainder of the clue works.

Can you help me to learn more?

(Another definition for dispense with that I've seen is " Forgo".)

I've seen this clue in The Times.

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