The former is the proposition that water covers most of the Earth, the latter the proposition that the watery stuff covers most of the Earth.
(The former; is; the proposition that water covers most of the Earth, the latter) (water; covers; most of the Earth) (the watery stuff; covers; most of the Earth)
The former water the watery stuff
is covers covers
the proposition that water covers most of the Earth, the latter
most of the Earth
most of the Earth