Question

What is meaning of factory in the context of the English east india company.what did such a factory consist of

Answer 1

As per the context of East India Company, a factory is related to a trading post.

It was first set up in Surat in 1613 January.

However, with time the meaning of factories is changed to warehouses or a fragmented building with a wall that was a part of an establishment at a point in time.

Answer 2

Explanation:

• The meaning of factory in the context of the English East India Company refers to trading stations or posts set up by the company at various places.
• The first trading post or factory was set up at Machilipatnam in South India during 1610.
• Later factories were set up at Surat, Patna, Madras, Balasore, Bombay, Calcutta and many more places over the years as their trading monopoly strengthened.
• The factories were run by factors or trading agents or a council of factors, who would negotiate with the local merchants for sale and procurement of goods.
• The factories were trading posts where goods from India were sold or exchanged for goods from European Markets.
• The factories maintained records of daily trading activities and accounts, work details of the trading agents or factors, and other important events taking place at the factory.