Answer:
Inside a burning house, this thing is best to make. And best to make it quickly, before the fire's too much to take.
What is put on a table, cut, but never eaten?
You can hold it without using your hands or your arms. What is it?
This thing all things devours: Birds, beasts, trees, flowers; Gnaws iron, bites steel; Grinds hard stones to meal; Slays king, ruins town, And beats high mountains down.
A mile from end to end, yet as close to as a friend. A precious commodity, freely given. Seen on the dead and on the living. Found on the rich, poor, short and tall, but shared among children most of all.
Break me and I am better immediately set and harder to be broken again.