post-war era. In theory, this gave independent airlines equal opportunities to develop scheduled routes in their own right; however, in reality, the corporations would object to applications by independent airlines seeking to be licensed as competitors to the state airlines. Each application by an independent airline for a scheduled route licence was heard by the newly established Air Transport Licensing Board (ATLB), the new UK government body in charge of air transport economic regulation that succeeded ATAC. At these hearings, the independents needed to convince the ATLB that there were sufficient passengers to justify the proposed scheduled services, that these stood a reasonable chance of becoming profitable and that they opened up new markets rather than divert traffic from the corporations to overcome the latter's objections. Although the ATLB granted British Eagle and British United Airways (BUA), BEA's and BOAC's two biggest independent competitors during the 1960s, licences to operate rival international scheduled services on several trunk routes from London Heathrow and Gatwick respectively, these airlines were unable to use them without actual traffic rights. For example, lack of traffic rights prevented BUA from running direct London (Gatwick) – Paris (Le Bourget) scheduled flights although it held a licence for that route, which the ATLB had awarded it in late 1961. In that case, BUA's failure to obtain traffic rights was mainly the result of the French authorities' refusal to grant these without a corresponding reduction in BEA's share of London–Paris flights. In its 1960–61 financial year, BEA carried 3.99 million passengers at an average load factor of 65% and recorded a loss of £1.75 million. BEA at its peak (1961–1971) By the early 1960s, BEA carried just under four million passengers per year, more than any other airline in Europe (excluding Aeroflot); worldwide (excluding Aeroflot and the Chinese CAAC Airlines), only the "Big Four" US airlines – American Airlines, United Airlines, Pan Am and TWA – carried more. By that time, BEA served most major European cities, with the network stretching as far east as Moscow, Kuwait and Doha as well as North Africa to the south, and it was furthermore a founder/minority shareholder of Alitalia, Aer Lingus, Cyprus Airways, Gibraltar Airways and Jersey Airlines. In 1961, BEA placed an order for three Armstrong Whitworth Argosy all-cargo aircraft. These were the airline's first dedicated freighters; the first aircraft was delivered and entered service later the same year. On 1