The Smiths - This Charming Man Lyrics Meaning

A younger inexperienced gay man is introduced to a more experienced gay man through coincidence. The more experienced man offers to hold the more timid/inexperienced man's hand into understanding his gay feelings only to have the timid man ultimately (and probably unwantingly) reject him. The timid man is clearly reflecting fondly and likely regretting the decision he made as he yearns at the memories in regret.