This is the Cover of the Canadian 1946 Monarch Sales Brochure. The Monarch is based on the Full Size Mercury that rode on a 118 Inch Wheelbase. It lacked the Mercury name, and was sold in Ford Dealers as a Monarch.
Similarly, the same year Mercury 114 was actually based on the regular Ford Deluxe - Super Deluxe and rode on a 114 Inch Wheelbase, but in this case, this vehicle had Mercury Badges.
Thus, both the Ford Dealers and the Mercury Dealers each had two distinct vehicles to see, one riding a 114 Inch Wheelbase and the other a 118 Inch Wheelbase.
The Mercury 114 and the Monarch were only available in Canada.