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Meaning of lines explaining Hrothgar's ruling in Heorot

I'm reading Seamus Heaney's translation of Beowulf and when the poet talks about Heorot Hall (lines 71 through 73) he says

it would be his throne-room and there he would dispense
his God-given goods to young and old -
but not the common land or people's lives.

What exactly does it mean by saying "not the common land or people's lives"? Does it mean to imply that Hrothgar had control over everything but the land and people's lives - God hadn't given him that control? The line just strikes me as rather confusing.