The distribution of electric conductivity in the crustal and upper mantle materials beneath the ocean may be estimated from measurements of the relationship between the magnetic fluctuations and the induced electric field at the ocean bottom. Techniques for the measurement of the electric field have been available for a few years. The horizontal magnetic fluctuations to the magnetic east, usually called D, can be recorded with a simple instrument placed on the sea floor at any depth. This instrument uses a magnet pair which orients itself among the main horizontal field H. The coupling of the magnets to the mirror of a sensitive optical lever is delayed until the instrument has reached the bottom. There is no need to perform any orientation in situ. The instrument resolves 1 γ or less and has a dynamic range of at least 2500 γ. It is capable of recording for approximately 40 days at the rate of 30 readings per hour on self‐contained dry cells. It is lowered to the sea floor and recovered by means of a mooring line connected to a surface float. The low‐profile supporting tripod is effectively decoupled from the mooring tackle as evidenced by the lack of motion of the magnetometer during 26 days of recording. A sample of the observed fluctuations on the floor of the North Pacific Ocean, 600 km offshore, is given.