He who meditates on water as Brahman, obtains all wishes, he becomes satisfied; he is, as it were, lord and master as far as water reaches—he who meditates on water as Brahman. 'Sir, is there something better than water?' 'Yes, there is something better than water.' 'Sir, tell it me.'

In plain words: Whoever honors water as Brahman gets all their wishes and feels satisfied, with mastery as far as water reaches. Narada asks for something greater than water.