Context: In these lines the poet says that he has a small library having books of great authors. He regards them as his friends and exchanges his views with them. He gets joy and consolation in reading them. So he thinks himself to be very grateful to them.
Explanation: In this stanza the scholar says that whenever he reads the books of great authors, his ideas also become the same as of those authors. He feels as if he were living with them in those past days. He gets the knowledge of past days. The poet accepts their noble qualities and hates their evils. Whenever he reads the lesson full of wisdom in these books, he learns a lot from them with extreme humility.