FAILURE OF MR. ILES

Greymouth Evening Star, 19 April 1938, Page 10

FAILURE OF MR. ILES

FORTUNE LOST ON FILMS LONDON, March 1. Mr. John Henry lies, founder of the National Band Festival at the Crystal Palace and one of Britain’s leading showmen, has filed his petition in bankruptcy and he blames the parlous state of. the British film industry for his failure. Although he has resigned his many directorships, including that of Belle Vue —Manchester —Ltd., it is stressed that his personal failure will not affect the band contests at Belle Vue, and need not necessarily mean the end of the festival formerly held at the Crystal Palace and last year held at Alexandra Palace. In a statement through his secretary, Mt. Iles said yesterday: “Tlie disastrous state of the iilip industry in thjs country has been the cause of all my trouble. I went wholeheartedly into this business in the belief that British films could and should equal anything produced by their competitors. “I have been responsible for the production of a British picture, ‘Edge of the World,’ which lias been acclaimed -as one of flie finest films ever produced. “I have built studios which are stated by all who have seen them and are best able to judge to be. as regards efficiency and economic lay-out, second lo none in any part of the world. Unfortunately, the film industry has gone from bad to worse, and my studios, in common with many others, have had to stand still. “I staked my whole fortune, which was considerable, to help the film companies with which 1 was concerned to weather the storm, but the period of stagnation has lasted too long.” WORTH £199,000 SIX MONTHS AGO LONDON, Marell 3. j The first meeting of creditors of Mr. i John Henry Iles, founder of the National Band Festival at the Crystal Palace, a director of companies, was i held at London Bankruptcy-buildings 1 yesterday. , j Mr. S. W. Hood, Official Receiver, 1 reported that the liabilities amounted i to £351,565, of which £126,788 was ex- j pected to rank for dividend, against : net assets of £149,203. According to Mr. Iles’s statements > at his preliminary examination, said ' Mr. Hood, he was worth £190,000 six j months ago, and his income from sal- j ary and directors’ fees had been about i £lO,OOO a year. He attributed his fail- ’ ure to his having become guarantor i for various companies connected with the. film industry. t A resolution was passed for Mr. W. B. Cullen, chartered accountant, to I act as trustee and administer the es-j tate in bankruptcy with a committee; of inspection. . i