The term literal meaning means that all words are in strict accordance with their original meanings. In other words, to apply the literal meaning is to take the words in their most basic sense without metaphor or exaggeration.
this is normally used to make the reader understand everything ..without any use of indirect language .
well to make it clear to u ill try to give an example :
" Can you wait outside? "
In the literal meaning, this could be construed as:
Do you have the ability to wait outside?
Explanation:
He is saying "compared to this love we share". The whole poem is centered around the supremacy of their love above all else. In the preceding line, he states that she is all states and he is all princes, and that nothing else is. Compared to their divine and regal love, princes are only imitating their greatness with their meager possessions.
"Wider still, and wider, shall thy bounds be set;" if this refers to the British Empire I believe it means that it is commenting on the expanding boundaries of this Empire as new lands are conquered and turned into colonies. At one time, Britain had far flung colonies in Africa, Asia and also the 13 colonies and Canada before the independence movements of the late 18th century in America and also 20th century in Africa. In other words, at one time the world was colonized by primarily the Spanish, the Portuguese and the British and the colonies had to supply the raw materials to the colonizers and were an appendage of the big powers.