Yes, a very good film, and one that took a semi-satirical view of the times, the characters, and even - a little bit - of itself.
Christian's character arc alone is entertaining and complex. He is first presented as a highly cultured, educated fop, whose ironic mannerisms would annoy any number of people other than the vitriolic Bligh. For example, he asks another character sarcastically if the seaman would like to discuss the virtues of early Renaissance art, knowing full well that this uneducated fellow would have no means to do so. Christian is arrogant and self-satisfied. His clothing and manner are deliberatly presented to make the audience squirm a little - I know I did - because the representation broke all preceding "Fletcher Christian is a great guy" characterizations. He is not a pure knightly, heroic figure. Quite the contrary, he is somewhat self-absorbed and one gets the idea that he probably prefers his own comfort very highly and that his cultural status imbues him with a perhaps overly-estimated sense of self-worth. Fletcher Christian, as this film first presents him, is an unlikely hero, unusual in his foppery, and a source of some discomfort and possible mockery for the audience - as in, "I myself doubt that I would want to sail halfway around the world with this icon of haute culture".
Christian does have an innate streak of decency, however, as when he complains to Bligh of the captain's excessive punishment of a sailor over the man's accusation that Bligh had pilfered some cheese for his own use. Additionally, Brando-Christian constantly ruffles and subtly harrasses Howard-Bligh. When Bligh refuses justice to some crew members as they stand outside Christian's door, Christian pipes up with, "Oh ... I thought I heard your voice, sir!", a sarcastic way of telling Bligh that Christian is "on to" his mistreatment of the crew. And in the formerly-referenced cheese incident, as Bligh cuts a piece of cheese, Christian scolds Bligh by indirection, telling the captain that he may not want to eat the cheese, telling him that "it may be ... tainted". Scenes like these establish a real humanity under the encrustation of Christian's high societal status (of course this is not historical; whereas Christian was a "gentleman" from a successful family, he himself was not wealthy, because his family's resources were poured into educating his brothers, and he essentially had to beg Bligh to hire him for the Tahiti voyage).
Christian's basic decency and his personal revulsion toward his captain perfectly dovetail in the mutiny. No more the fop, Christian has now been shaped by his love for Maimiti, and by a growing humanitarian resentment against Bligh's injustices and cruelty. His opposition to Bligh is no longer solely about their class differences but about Bligh's personal abuse of Christian individually, and his abuse of the crew generally. Christian's righteous anger combines with his contempt for Bligh's excesses, and in a single flaming moment, he takes over the Bounty.
As Christian orders Bligh off the ship, he drapes a cat-o'-nine tails over the captain's shoulder, saying, "... And take your flag with you", to which Bligh replies, "I don't need a flag, Mr. Christian. Unlike you, I still have a country".
An excellent line, perfectly expressing the utter horror of Christian's new position as mutineer. And Christian takes it to heart, believing that his only hope is, somehow, to get back to England, tell his own side of the story, and charge Bligh. He broods over the new situation, telling some of the crew that he did as his conscience dictated, and that he is satisfied with that, "except for a slight wish to be dead, which I'm sure will pass..."
These vignettes are only a few which make this incarnation of the Bounty story such an excellent and exceptional epic of "Fletcher Christian: from dandified fop to fiery and conscience-stricken mutineer". And this, of course, is not even to mention the scenery, the overall production values, and Bronislau Kaper's remarkable musical score.
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