Between the statues and the building, there's a dark trench—presumably the moat that the drawbridge once spanned. Swim down into this trench. When you spot the bones of a shark or whale on the bottom, head to the right.
Swim along the bottom of the trench until you see a shadow on the left wall of the trench cast by the statue above.
Swim toward it and look on the ground for a shiny treasure (2/30). It's hard to see in the gloom, so turn on the Utility Light if you haven't already.
Swim back along the trench toward the whale bones. Just before you reach them, turn left into a dark cave.
Inside you'll find another treasure (3/30), along with a health potion.
Swim back out toward the whale bones and head to the left along the trench.
Follow the right wall of the trench. Just beyond where it juts out. . .
. . . look on the sea bottom to find one more treasure (4/30). Once you have it, swim straight up to emerge from the trench near the LEFT TOWER.
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