Small-timer is excited by the water going through a wheel (10)

I believe the answer is:

millstream

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'the water going through a wheel' is the definition.
I can't judge whether this defines the answer.

'small-timer is excited' is the wordplay.
'is excited' indicates an anagram.
'small'+'timer'='smalltimer'
'smalltimer' anagrammed gives 'MILLSTREAM'.

'by' acts as a link.

Can you help me to learn more?

(Other definitions for millstream that I've seen before include "Flow providing power to wheel" , "Current power source" , "Race to power" , "wheel turner?" .)

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

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