Consider the following statements: 

  1. American Civil War (1861-1865) boosted the demand of Indian Cotton 
  2. The boost in the demand of Indian cotton ultimately led to failure of Bank of Bombay in 1866

Which among the above statements is / are correct?

[A] 1 only
[B] 2 only
[C] Both 1 & 2
[D] Neither 1 nor 2
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