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This is a line from Shakespeare's poem Seven Ages of Man, that famously begins, " All the world's a stage / And all the men and women merely players".

The poem is describing one man's stages in life:

1st - infant

2nd - schoolboy

3rd - lover

4th - soldier

5th - justice

6th - old man

7th - second childhood or extreme old age

This line refers to the fifth stage where the man is a justice, or judge. Wise saws are traditional, well understood legal rulings and modern instances are new judgments.

Also it can mean that that they are wise sayings and modern thoughts

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Q: What does 'wise saws and modern instances' mean?
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