The correct answer is option 1, i.e., II, I, IV, III. Here`s the chronological order:

II. Macaulay`s Minute on Education: This was the earliest of the four, published in 1835. Lord Macaulay was an English historian and Whig politician who played a major role in introducing English and Western concepts to education in India.

I. Wood`s Education Despatch: This followed next in 1854. Sir Charles Wood, the President of the Board of Control of the East India Company, issued a despatch outlining the future educational policy in India.

IV. Indian Education (Hunter Commission): This came third, published in 1882. It was named after William Wilson Hunter, a member of the Indian Civil Service and it laid down the policy that education should be imparted in vernacular languages also.

III. The Sargeant Education Report: This was the last, published in 1944 during the British rule in India. Its aim was to implement compulsory education in India.

Thus (II, I, IV, III) is the right chronological sequence of these important historical documents related to education in India.