King James under a canopy: Shakespeare and his company were issued with four and a half yards of red cloth each for the entry of King James 1 into London in March 1604;
Wer't ought to me I bore the canopy,
With my extern the outward honoring,
Or layd great bases for eternity,
Which proves more short then wast or ruining?
Have I not seene dwellers on forme and favor
Lose all, and more by payng too much rent
For compound sweet; Forgoing simple savor,
Pittifull thrivors in their gazing spent.
Noe, let me be obsequious in thy heart,
And take thou my oblacion, poore but free,
Which is not mixt with seconds, knows no art,
But mutuall render onely me for thee.
Hence, thou subbornd Informer, a trew soule
When most impeacht, stands least in thy controule.
Changes to the original text
In the first quatrain, the poet says he thinks it nothing (wer't ought to me) that he bore the canopy (see illustration), honouring it simply in external appearance, nor did he think it of note that he laid great foundations for eternal fame which prove more fugitive than waste or ruin (wast or ruining).
In the second quatrain, the poet comments that he has seen fashionable men (dwellers on forme or favor) lose everything because they paid too much rent, preferring the easy course of borrowing money at compound interest (compound sweet), effectively wasting their money on show (in their gazing spent).
In the third quatrain, the poet refuses to act in the aforesaid manner, preferring to give the young man in all modesty (obsequious) his offering (oblacion), unmixed with inferior materials (seconds) without artfulness (no art), a simple exchange of hearts (mutuall render onely me for thee).
In the final couplet, the poet observes to the man who has informed on him (subbornd Informer), ie informed of his (the poet's) infidelities, that a true heart is least affected (in thy controule) when most accused (most impeacht).