Address old fixed allowance (7)

I believe the answer is:

oration

'address' is the definition.
(oration is a kind of address)

'old fixed allowance' is the wordplay.
'old' becomes 'o' (common abbreviation eg in OE for Old English).
'fixed allowance' becomes 'ration' (I've seen this before).
'o'+'ration'='ORATION'

(Other definitions for oration that I've seen before include "An eloquent speech" , "Ontario (anag)" , "Type 16 [OF SPEECH]" , "Major speech" , "words" .)

I've seen this clue in The Independent.

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