At first, the speaker seems to take part in a traditional New Year celebration, raising red-lacquer wine cups to wish someone well. But the second half of the poem turns sharply away from that bright, formal gesture. The wind-bells that should ring in the garden are corroded and have fallen, which makes the toast feel hollow or belated. The speaker is observing the ritual of the holiday while surrounded by signs of neglect and passing time. The red cups carry warmth and ceremony; the ruined bronze lanterns carry silence and decay. Together they create a bittersweet mood — one of affection still offered, but to someone or something no longer fully present. It feels less like a joyful celebration than a quiet acknowledgment of loss, memory, and the way traditions continue even when the world around them has deteriorated.
Again the New Year Festival — Summary
I HAVE drunk your health In the red-lacquer wine cups, But the wind-bells on the bronze lanterns In my garden Are corroded and fallen.