 Their state-owned counterparts had to seek Government dispensation to import foreign aircraft, which was only granted when no suitable British alternatives were available.These measures had been designed during the early post-war years to conserve as much of Britain's scarce US dollar-denominated foreign exchange reserves as possible.Eagle Airways (Bermuda) launched commercial operations in May 1958 between Bermuda and New York, competing head-on with three of the world's most powerful airlines – BOAC, Pan Am and Eastern Air Lines.