This is a paragraph I had to memorise for my first grading examination (居合道昇段試験) nearly 20 years ago. I had typed it up and put in a frame ever since. Used to read it once a night so that I don't forget.
What it is essentially saying is that etiquette is essential in Martial arts and the development of the one practicing the art.
Reason for me to post this is that I have witnessed a lot of practitioners, supposedly with years of training to perfect their art, yet failing this first principle - respect. The respect for others of course, but the respect of self.