Theory:

Father Wolf: (In a stiff tone) Enter, then, and look, but there is no food here.

Tabaqui: For a wolf it may not be enough, but for so mean a person as myself a dry bone is a good feast.
 
All thanks for this good meal (licking his lips).

(Looks at the Father and Mother Wolf who seem to be uncomfortable)

How beautiful are the noble children! How large are their eyes! And so young too!

(Sits still, rejoicing in the mischief that he had made. In a spiteful tone he says) Shere Khan, the Big one has shifted his hunting grounds. He has told me that he will hunt among these hills for the next moon.
Explanation:
 
Father Wolf wasn't happy to see Tabaqui at his place. After all, Tabaqui wanted to fill his tummy without working for his food. Nonetheless, the wolf didn't have anything to provide. He explained it in a less friendly tone. He said that the Jackal may enter and look for food but would find nothing.
 
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Father Wolf was annoyed to see Tabaqui

Tabaqui wasn't discouraged, though. He found some dry bones at the cave.
 
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Tabaqui finds some dry bones near the cave
 
The Jackal said how the dry bones are as good as a feast for a poor animal as himself. Being all great and mighty, the wolves may find the bones beneath their standard; but it is not the same for Tabaqui. Being a poor animal, he didn't have the right to be picky.
 
It is interesting to note that the Jackal keeps his sarcasm intact while begging for food.

Tabaqui licked his lips and thanked the wolf for the 'good meal'. He looked at the Father and Mother Wolf and realised that they are uncomfortable.

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Jackal licks his lips after feeding on the leftover bones**

He picked on his mock-cordiality and commented on the wolf-cubs. Tabaqui knew how to annoy others, and he was very good at it too. Moreover, he sought pleasure in causing discomfort to others. He said, "How beautiful are the noble children! How large are their eyes! And so young too!".

On the other hand, the wolves knew that food was only half the reason why Tabaqui had come to meet them. They were waiting (uncomfortably) for the Jackal to reveal the purpose of his visit.

Tabaqui left his sarcasm behind. He now spoke in a tone filled with ill will and the desire to bring harm to the wolves.
 
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Tabaqui speaks in a spiteful tone
 
Tabaqui revealed that Shere Khan has moved to the hills where the wolves were residing, and he will be hunting among those hills until the next moon. Here, the phrase 'for the next moon' may mean 'for a month'. Typically, a lunar phase lasts for a month, and hence, it takes a month for a new moon to appear.
 
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Phases of moon: a full moon appears once in 27 or 28 days

As explained before, Shere Khan is the villain of the story. Tabaqui calls him the 'Big one', revealing that he is a tiger, the largest of the Big Cats. Though tigers do not attack wolves, they can easily defeat one; however, a tiger may not withstand the attack from a pack of wolves. Hence, they tend to keep away from each other.
 
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Shere Khan, the tiger

Another critical aspect of the scene is that the line 'and so young too' spoken by Tabaqui may have some undertones. The line seemed more like a threat than mockery as Tabaqui might be hinting that the wolf-cubs are too young and might be in danger from Shere Khan.
 
Meaning of difficult words:
 
S.No
Words
Meaning
1.
Stiff tone
A tone that is strict or severe
2.
Mean
Of low birth or social class
3.
Feast
A special or a large meal
4.
Meal
The food served and eaten
5.
Rejoice
To feel or show great joy
6.
Mischief
Misbehaviour causing harm or trouble to someone
7.
Spiteful
Ill will and having the desire to bring harm to someone
8.
Hunting grounds
A place used or suitable for hunting
9.
For the next moon
When a new moon appears; here, until the end of the month
10.
Big CatsA group of large members of the cat family, including the lion, tiger, leopard, jaguar, and snow leopard
Reference:
State Council of Educational Research and Training (2019). Term-3 English Standard-6. The Jungle Book. (pp 116 - 121). Published by the Tamil Nadu Textbook and Educational Services Corporation.
 
** okrolg / Shutterstock.com