O Thou my lovely Boy who in thy power,
Doest hould times fickle glass, his sickle hower:
Who hast by wayning growne, and therein shou'st,
Thy lovers withering, as thy sweet selfe grow'st.
If Nature (soveraine misteres over wrack)
As thou goest onwards still will plucke thee backe,
She keepes thee to this purpose, that her skill
May time disgrace, and wretched mynuit kill.
Yet feare her O thou minnion of her pleasure,
She may detaine, but not still keepe her tresure!
Her Audite (though delay'd) answer'd must be,
And her Quietus is to render thee,
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Changes made to the text:
In the first quatrain, the poet addresses his friend (my lovely Boy), telling him that he may well hold in his appearance (fickle glass) time's passing (sickle hower), but that he has grown by reducing (waning) ie that time's passing has changed but not necessarily destroyed his beauty. During this process, the friend shows at the same time the ageing (withering) of the poet (thy lover).
In the second quatrain, the poet postulates that Nature, who governs decay (misteres over wrack), keeping his friend young (will pluck thee back) does this for a purpose, that purpose to show that she is the mistress of time. Nature controls (kills) time, personified in the minute (mynuit) or midnight or death (wretched mynuit).
In the third quatrain, the poet warns his friend to beware of nature, however, since, though she may delay his ageing (she may detaine) she is not allowed to keep him as he is (keepe her tresure). The final audit will arrive and nature's quittance (Quietus) is to delver him (the friend) up.
There is no final couplet. Perhaps the words were too explicit in referring to the young earl, or perhaps they were too hard. At all events, they are the last words to the young man, and they are missing.