The Caledonian Railway was a major Scottish railway company. It was formed in the early 19th century and it was absorbed almost a century later into the London, Midland and Scottish Railway

London, Midland and Scottish Railway

The London Midland and Scottish Railway was a British railway company. It was formed on 1 January 1923 under the Railways Act of 1921, which required the grouping of over 120 separate railway companies into just four...

, in the 1923 railway grouping, by means of the Railways Act 1921

Railways Act 1921

The Railways Act 1921, also known as the Grouping Act, was an enactment by the British government of David Lloyd George intended to stem the losses being made by many of the country's 120 railway companies, move the railways away from internal competition, and to retain some of the benefits which...

. Due to legal complications this did not take place on 1 January 1923 when the majority of the amalgamations took place, but was delayed until 1 July 1923 (along with the North Staffordshire Railway

North Staffordshire Railway

The North Staffordshire Railway was a British railway company formed in 1845 to promote a number of lines in the Staffordshire Potteries and surrounding areas in Staffordshire, Cheshire, Derbyshire and Shropshire....

).
The Caledonian Railway Company was well supported by Glasgow

Glasgow

Glasgow is the largest city in Scotland and third most populous in the United Kingdom. The city is situated on the River Clyde in the country's west central lowlands...

 and Edinburgh

Edinburgh

Edinburgh is the capital city of Scotland, the second largest city in Scotland, and the eighth most populous in the United Kingdom. The City of Edinburgh Council governs one of Scotland's 32 local government council areas. The council area includes urban Edinburgh and a rural area...

 shareholders; more than half of its shares were held in England.