Water holds oxygen the way sweet tea holds sugar — invisibly, dissolved. The quantity is tiny: a litre of well-aerated water carries about of oxygen, some thirty times less than a litre of air. Every gill and every underwater respirer of Chapter 47 draws on this one thin stock (Proposition 46.8).
Examples
Example 48.4 (Stream against pond)
Now the two waters read like ledgers. The mountain stream: cold (high ceiling), churned white over every boulder (fast refilling) — oxygen near the ceiling all year. The summer pond: warm (low ceiling), still (slow refilling), rich in mud and dead matter (hungry decomposers) — oxygen scraping along the floor, worst in the small hours before dawn, when the plants have been respiring all night with no daylight manufacture to offset them.