Found pound and ounce, say, in abbreviated dictionary (7)
I believe the answer is:
located
'found' is the definition.
(locating is a kind of finding)
'pound and ounce say in abbreviated dictionary' is the wordplay.
'pound' becomes 'L' (the pound sign is based on an L).
'and' says to put letters next to each other.
'ounce say' becomes 'cat' (ounce is a kind of cat).
'in' indicates putting letters inside.
'abbreviated dictionary' becomes 'OED' (abbreviation for Oxford English Dictionary).
'cat' put inside 'oed' is 'ocated'.
'l'+'ocated'='LOCATED'
(Other definitions for located that I've seen before include "Found" , "Sited" , "Settled -- cold tea (anag)" , "Discovered where something was" , "Pin-pointed" .)