The word 'phonology' (as in the phonology of English) can also refer to the phonological system (sound system) of a given language. This is one of the fundamental systems which a language is considered to comprise, like its syntax and its vocabulary. Phonology is often distinguished from phonetics.
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The Tellson’s Bank located in Temple Bar, is an small, and you can say ugly, building with a traditional structure, the employees are all men and very conservative, they are against the change they enjoy the authentic condition. The bank likes to be antiquated as England and this make it pride itself on.
I'm thinking a girdle furled is it being folded about and wraps around you and he's describing the ocean in this manner suggests something to do with the oceans wrapping around continents,ect. of the world, how we're protected in a sense. In full context of the poem though it seems the author is talking about god and faith as in "sea of faith" and how faith was once prominent surrounding all things and the bright girdle was to show how prominent it once was. good luck with english!