This is a paraphrase of part of the bible, Luke chapter 21 verse 28, in the 'Authorized standard version', still much used today but written in the early 17th century. The verse is 'But when these things come to pass, then look up, and lift up your heads, because your redemption draweth nigh.'
http://bible.cc/luke/21-28.htm
'our glorious Lord' refers to Christ
draweth: the -eth is an archaic 3rd person singular ending, so 'draweth' means 'draws'.
'neigh' is spelt wrong. It should be 'nigh', meaning 'near'
'redemption' = the Christian concept that by dying on the cross Christ paid for the sins of man and therefore freed man.
So it means something like: let us look towards Jesus (and away from worldly things) because our redemption is approaching.