Clue: Making sense of cutback taking place in gin supply (10)
Answer: EXPLAINING
Explanation: Definition: Making sense of
 **Reversal of**(…back) AXE(to cut/to chop off, literally or figuratively) **containing**(taking) PL(abbrev. for "place", a short street) + **anagram of**(… supply/with suppleness/flexibility) IN GIN.