[He doesn't much think of Merlin as his subject, really. Merlin's just his incompetent servant. He's quiet for a long time before saying:]

There is no value in a king - or prince - who has no people. That is merely an empty title. And yet [He pushes off from the wall with the intent of returning to his room - or going somewhere, at least, that Merlin is not.] it is preferable to one who abandons his duties altogether.

[Even he's not entirely sure if he meant to refer to himself or some hypothetical example with the last sentence.]