Fishermen's Guild Member O'Fulle:
Well, you could've brought more... Oh well, take this bait of chill. It will increase your chance of finding lost items in the water. No good at all for catching fish, though! You won't always land your catch with this bait.
It works best if your fishing skill is exactly level 12. If it's not, you should consider giving it to someone who can use it more effectively. Remember, bring anything you recover to me unopened!