Hi,
In Japanese, there are 3 differnt kinds of ways to express something to someone with respect.
Instead of 'hold a person in esteem', it's more natural to say 'show esteem for a person'.
1.You can hold a people person in esteem by describing his acts or his owns (this doesn't make sense. His own what?) with some specific honorific words. This method directly makes his status higher without making your status lower.
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2.You can hold a person in esteem by expressing your acts or your own (?) with humility. This art makes indirectly his status higher by making your status lower.
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3. You can hold a listener in esteem by using prefixes, suffixes, or special words which originally have their own usages for respect. This art “simply” expresses something to him with respect, without making his status higher or making your status lower.
Best wishes, Clive