PROSPECTUS SUPPLEMENT                       FILED PURSUANT TO RULE NO. 424(b)(3)
(To Prospectus dated December 4, 2002)                REGISTRATION NO. 333-63924




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                         300,000,000 Depositary Receipts
                          CP HOLDRS(SM) Deposit Facility



     This prospectus supplement supplements information contained in the
prospectus dated December 4, 2002, relating to the sale of up to 300,000,000
depositary receipts by the CP HOLDRS(SM) Deposit Facility.

     The name, ticker symbol, share amounts and primary trading market of each
company represented by a round-lot of 100 CP HOLDRS is as follows:



                                                                                     Share         Primary
                              Name of Company                         Ticker        Amounts    Trading Market
                                                                                           
           EnCana Corporation                                          ECA           68.4           NYSE
           Fording Canadian Coal Trust                                 FDG           16.6           NYSE
           CP Ships Limited                                            TEU            25            NYSE
           Canadian Pacific Railway Company                             CP            50            NYSE
           Fairmont Hotels and Resorts Inc.                            FHR            25            NYSE




     The share amounts listed in the table above reflect all previous stock
splits, dividends and business combination transactions.

          The date of this prospectus supplement is December 31, 2003.

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