Which of the following statements about 'Agency Houses' are correct

Which of the following statements about 'Agency Houses' is/are correct?

1. They were important commercial formations in the late eighteenth and nineteenth century India.
2. The operation of managing agencies remained confined to Calcutta.

Select the correct answer using the code given below.

1. 1 only
2. 2 only
3. Both 1 and 2
4. Neither 1 nor 2