195x143mm. View of the three storey building called 'The Exchange', and housing the premises of Mackenzie, Lyall & Co., auctioneers and contractors. The precise site of this building has not been located. Massey, who reproduces a painting of this building as well as the photograph, places it in Dalhousie Square. Macmillan p.106 gives the address as Lyon's Range, facing the lane which runs from there to the N.E. corner of the square. The firm of Mackenzie, Lyall was founded by Murdoch Mackenzie and James Napier Lyall in 1808, with original premises on the S. side of Dalhousie Square between Vansitart and Council House Streets. The company premises took their name from the nearby coffee rooms known as the Coffee Exchange. The building seen here was used by the company from 1888-1918, when they moved into new offices at 5 Mission Row, (Massey p.79).