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What does factorage mean?

Looking for the meaning or definition of the word factorage? Here's what it means.

Noun
  1. The commission paid to a factor
  2. The business of a factor.
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The present system of factorage in the corn-trade is stated to have existed only about one hundred and fifty years.
After the war Longstreet moved to New Orleans and became a partner in a cotton factorage business and head of an insurance firm.
The factorage system appears to have been introduced in Virginia around 1625, and was actually a part of the consignment system.
Sturdevant moved to Nacogdoches as the agent of cotton factorage, and continued to operate a cotton yard long after he became a banker.
The Revolution cut the connection between England and the Virginia planters, but the factorage system was not destroyed.

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