To begin with, the title of this one refers to the scientific designation of water. The film, then, is 12 minutes of just that: the element is shown in all its various forms, from the industrialized (pumped for consumption) to the natural (rivers – also tackled in a 1938 Pare Lorentz documentary I watched recently) and the atmospheric (rainfall – the subject of an upcoming effort in the Kino "Avant-Garde" collection, dating from the same year, by Joris Ivens).
There is only so much of interest (and that is primarily visual) you can glean from such material; in the final analysis, its experimental connotations have as much to do with photographic ingenuity (when catching reflections in pools of water) as editorial technique and musical underscoring.