ABSTRACT
In 1886, the Big Yaroslav Textile Company of Andrei Korzinkin had opened offices in the city of Yerevan as well as in the village of Engija in the Sharur-Daralagez District. In 1887, three more firms began to purchase cotton from the Yerevan Province: Alekseev from Moscow, Poznan from Lodz and Chitakhov from Tiflis. The sources indicate that the Yerevan Province, with 37%, was the largest cotton-producing region in the entire Caucasus. The last khan of Yerevan had the monopoly on all the salt produced, sold or exported. He collected an annual income of 3,500 tomans, a great sum at that time, from this monopoly. The Armenians of Yerevan, Alexandropol and other towns of the province were the main force behind this transformation to a more modern economy. The province had three banks, two in Yerevan and one in Alexandropol.
