There are a couple of ways you can adjust the calendar to alter how much of the day is shown.
If your schedule is more event-based than task-based, you can reduce or even remove the Task List at the bottom of the calendar. By default, the divider between the Event Calendar and Task List portions of the window is intended to align with the Date Selector months on the right side of the calendar. Moving the divider up or down will make it jump to the height of the next month. If you want to have finer control over the placement of the divider, hold the Ctrl key while dragging the divider up or down. This will resize the section to exactly where you want. Drag the divider to the bottom of the window to hide the Task List.
You can also adjust the time interval shown on the calendar via Calendar Properties (Calendar | Calendar Properties | Daily tab). By increasing the Time Interval value, more of the day can be shown.