In a recent paper the so-called Spectrum Generating Algebra (SGA) technique has been applied to the N-dimensional Taub-NUT system, a maximally superintegrable Hamiltonian system which can be interpreted as a one-parameter deformation of the Kepler-Coulomb system. Such a Hamiltonian is associated to a specific Bertrand space of non-constant curvature. The SGA procedure unveils the symmetry algebra underlying the Hamiltonian system and, moreover, enables one to solve the equations of motion. In this paper (arXiv:1511.08908) we will follow the same path to tackle the Darboux III system, another maximally superintegrable system, which can indeed be viewed as a natural deformation of the isotropic harmonic oscillator where the flat Euclidean space is again replaced by another space of non-constant curvature.