The quote reflects the idea that even the most open-minded individuals hold onto certain moral beliefs or biases that shape their character. It suggests that these "decent prejudices" are integral to one's identity and cannot be completely dismissed, regardless of how progressive one might strive to be.

In the context of P.G. Wodehouse's work, particularly in "Jeeves and the Yule-Tide Spirit and Other Stories," this notion conveys the complexity of human nature. It highlights the balance between being broad-minded and adhering to personal principles, indicating that a true gentleman navigates life while recognizing and maintaining his foundational values.