Babes at Sea

Babes at Sea is a 1934 Color Rhapsodies film.

Plot summary
A toddler chases a frog out of his house to a nearby well where falling into the bucket, he arrives at the bottom of the well, to be magically greeted by underwater sea babies and various creatures, including the octopus law officer. Eventually, he returns to the well bucket and is raised back up to be rescued by his mother.