But > [But that]

5 Tidings thereof, and so them still debarred.

still > continually debarred > kept out, thwarted

6 It was a famous present for a prince, 7 And worthy work of infinite reward,

reward > regard, heed; hence: merit

8 That treasons could bewray, and foes convince;

bewray > betray, reveal convince > overcome, vanquish; convict

9 Happy this realm, had it remained ever since.

Happy > Fortunate; happy

302.22