chashm-e ;xuubaa;N mai-farosh-e nashshah-zaar-e naaz hai
surmah goyaa mauj-e duud-e shu((lah-e aavaaz hai
1) the eye of beautiful ones is a wine-seller of the intoxication-garden of coquetry
2) collyrium is, {so to speak / 'speaking'}, a wave of smoke of the flame of a voice
The poet established collyrium as the wave of the smoke of the flame of a voice; that is, the collyrium of the eye has depended on absorption in the lamp of the voice; thus it is an embodied voice. What kind of voice? That of the wine of coquetry-selling. That is, the collyrium of the eye is nothing more than the expression of coquetry.
For background see S. R. Faruqi's choices. For more on Ghalib's unpublished verses, see the discussion in {4,8x}. Raza presents this verse only as a variant.
For a discussion of collyrium, see {44,1}.
For a discussion of the connection that exists among smoke, wine, and intoxication, see Faruqi's discussion of {146,3x}.
The first line is full of heavily 'pre-poeticized' language, but not much is done with it. I really can't think of anything special to say about the verse. It certainly does seem less effective than its sibling, {147,1}, that was chosen for the published divan.
Zamin:
In nashshah-zaar , the zaar is for abundance. That is, the eye of beautiful ones is a wine-seller of the intoxication-place of coquetry; and collyrium, which is in her eyes, is that smoke of the flame of a voice. That is, in the state of intoxication, through the beloved's airs and graces, for her collyriumed eyes, winking/flickering, to express meaning, is pleasure-bringing (a wine-seller).
== Zamin, p. 354