Mk 2 Carrier water can

[Bruce Parker (RIP)]

I recently got this 2 gallon can. It started out as a Canadian GSW 'Petroleum Spirit' (gas) can dated 1940 and painted standard khaki. Then it received a very well done coat of red paint with the lettering in metallic silver stenciled on one side as shown.

I read:

.R.C.O.C. (iffy on the "O")
- M ? - (second letter not round, maybe T or P but very illegible)

So is this a military painted can to the Royal Canadian Ordnance Corp or some post war civilian repaint? If military I would refinish it as-is. Otherwise it gets painted khaki and loaded into a vehicle rack.

What do you think?