With reference to the East India Company trade in Bengal, Which of the following statement is not correct?
1
The first English factory was set up on the banks of the river Hugli in 1651.
2
As trade expanded, the Company persuaded merchants and traders to come and settle near the factory.
3
Jahangir Farman, for instance had granted only the Company the right to trade duty-free.
4
The factory had a warehouse where goods for export were stored, and it had offices where Company officials sat.