In plain words
Merge this mind in aham. Unite this mind with that which is called "I". Then "I" becomes "I" alone. When you keep this mind apart, set on the "I", "I" becomes "man". "I, man": this is limited. "I, I" is limitless. "I am I" is aham. "I am a man" is Ahaṅkāra. Because ākāra has joined aham, it has become Ahaṅkāra. As long as ākāra remains, it becomes nothing but ākāra. So "I" must turn into "I". This is the true aham-principle. In the Sanskrit language there are a number of letters. The first is a. The last is ha. When these two join: aha. When we join these two, our life is bound together like a garland of flowers. We must dwell on these two. A. Ha. This aham: if we master these two, the whole of life comes under our control. So our aham-principle must not turn into ego. It must not turn into Ahaṅkāra. It must turn into the Ātma. Aham. Ātma. That is why they gave it three names. Aham dehāsmi: I am the body. Aham jīvāsmi. I am the subtle form. Aham brahmāsmi. Aham brahmāsmi itself is your form. So dedicate this principle of the mind to this Brahman-principle. Fill this mind with good thoughts. Through Good thoughts alone, Good mind; through Good mind alone, Good God. So, hoping that first of all we recognise well the thoughts of this mind, and that it is most necessary for us, for students, to make the right effort at this tender age itself to develop pure thoughts, and blessing you, I bring My discourse to a close.