Cryptic crossword clue
Capacity of old vessel reduced by one quarter 6

The most common and most likely answer to this crossword clue is the 6 letter word GALLON

I've seen this crossword clue in Financial Times
G
A
L
L
O
N


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The cryptic/wordplay part
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This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
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What does GALLON mean?

GALLON noun
  1. A unit of volume, equivalent to eight pints
  2. Exactly 4.54609 liters; an imperial gallon
  3. 231 cubic inches or approximately 3.785 liters for liquids (a "U.S. liquid gallon")
  4. One-eighth of a U.S. bushel or approximately 4.405 liters for dry goods (a "U.S. dry gallon").
  5. (in the plural) A large quantity (of any liquid).

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