Following the procedure of an earlier paper (Port I) the maximum temperature difference, coefficient ofperformance, figure of merit, optimum current and voltage, and the optimization conditions were obtainedfor galvano-thermomagnetic refrigerators and heat pumps under a variety of operating conditions. It isshown that the coefficients of performance of refrigerators and heat pumps differ by unity. Upper bounds areplaced on the transverse figure of merit and a brief discussion of the main features of the theory is given.