I looked it up, it means "Death to spies" ... just looked it up cause of this page I know off that's really excellent, you should read it:
http://homepages.nildram.co.uk/~prospero/bond/smersh.html
silver, there is a difference between the books and the movies that was what I was refering to
Are you refering to what M means? Which in the movies is the first letter of the name of the one who's the boss of Mi6 (Miles, as said in TSWLM) as opposed to real life where if it's still the same as in the 40s is C.
Are you refering to who played M? Which are: Judi Dench, Bernard Lee and Robert Brown.
Are you refering to the real name of M in the novels? I dunno.