 the Caledonian Railway subscribed half the money on the basis that it would later have the option of absorbing the company.The Caledonian was concerned by the possibility of the rival North British Railway building a penetrating line into the area, or even taking over the unbuilt St Fillans line, and this motivated their provision of funding.The new company was slow to take action on its new powers, and it was not until February 1899 that a prospectus, inviting investment, was issued.