…Life piled on life Were all too little, and of one to me Little remains: but every hour is saved From that eternal silence, something more, A bringer of new things; and vile it were For some three suns to store and hoard myself, And this grey spirit yearning in desire To follow knowledge like a sinking star, Beyond the utmost bound of human thought.
Ulysses continues to a radiate a desire for adventure, claiming that even multiple lifetimes wouldn't be enough for him to do all the things he wants.
At this point, though, he's an old man – a "grey spirit" – near the end of his life, and he wants to make the most of what's left. It's a waste of time for him to hang out in Ithaca for three years when his desire for adventure is still so alive.
The phrase "but every hour is saved / From that eternal silence, something more, / A bringer of new things" is strange. It means something like "each additional hour that I live, or each hour that I am saved from death, brings me new experiences."
"Three suns" doesn't mean three days, but rather three years. Ulysses has apparently been wasting his time for quite a while.
The phrase "follow knowledge like a sinking star" is ambiguous. On the one hand, Ulysses wants to chase after knowledge and try to catch it as it sinks like a star. On the other hand, Ulysses himself could be the "sinking star." That makes sense too; he is a great personality who is moving closer to death (though, in our opinion, he's also kind of a rock star).
This is my son, mine own Telemachus, To whom I leave the sceptre and the isle – Well-loved of me, discerning to fulfil This labour, by slow prudence to make mild A rugged people, and through soft degrees Subdue them to the useful and the good.
Ulysses introduces us to his son and heir, Telemachus, who seems like the right guy to take over the job of King of Ithaca. He's smart, and he knows how to make his people do things without being too harsh about it.
A "Sceptre" is a ceremonial staff that symbolizes authority. Ulysses means something like "I leave him in charge."
When compared with Ulysses, Telemachus seems a lot less restless. He has "slow prudence," meaning he's patient and willing to make the best decision for the people of Ithaca without being too hasty.
The people of Ithaca are "rugged," which means that they're a little uncivilized and uncultured. They're like country-bumpkins with a little bit of an attitude. That's why they need to be reigned in ("subdued," made "mild") and put to good use.
"Soft degrees" implies that Telemachus will civilize the citizens of Ithaca in stages and in a nice way; it's kingship as constructive criticism.