PROSPECTUS SUPPLEMENT                      FILED PURSUANT TO RULE NO.  424(b)(3)
(To Prospectus dated March 12, 2004)                 REGISTRATION NO.  333-63924







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



    This prospectus supplement supplements information contained in the
    prospectus dated March 12, 2004, 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, 2004.




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