I. There was availability of banks which could loan money to set up industries.
II. There was a good transport network.
Which of the statements given above is/are correct?
Analyzing Factors of British Industrial Revolution
The question asks to identify the correct statements about the conditions that supported the Industrial Revolution in Britain. Let's examine each statement:
Statement I: Availability of Banks
The development of banking institutions and financial systems in Britain provided crucial capital. These banks offered loans and credit facilities, enabling entrepreneurs to invest in new technologies, machinery, and the establishment of factories. This availability of finance was a significant driver for industrial growth.
Statement II: Transport Network
Britain possessed a developing transport network, including canals, improved roads, and later, railways. This infrastructure was vital for moving raw materials (like coal and iron ore) to factories and distributing finished goods to markets efficiently and at a lower cost. A good transport network facilitated trade and economic expansion.
Conclusion on Statements
Both the availability of financial capital through banks (Statement I) and the presence of an adequate transport network (Statement II) were essential contributing factors to the success and scale of the Industrial Revolution in Britain.
Final Answer Determination
Since both statements accurately describe key facilitators of the Industrial Revolution in Britain, the correct option is the one that includes both I and II.
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