THERE'S A DRAGON ABOUT

``Hold, friends, hold!/We are very cold./Inside and outside,/we are very cold./Something to warm us,/if we may./For that, kind folks,/we'll give you a play.'' So starts this marvelous adaptation of the revel known as the Oxfordshire St. George play. The play is a simple one about the subduing of a dragon. What is so compelling here is the vibrancy brought to the revel. Alley's illustrations throng with activity and color, testaments to the pleasures of mock seriousness (even if they do seem to borrow a tad heavily from Maurice Sendak; then again, he's no mean inspiration, so why quibble?). The revel—house-to- house evening entertainments enacted during the winter holidays- -is an institution that never should have faded away. But television and radio, not to mention the dangers of the modern night, stole its thunder. With Arthurian urgency and bright festivity, this book may launch a second wave for those roving nighttime theatricals. (Picture book. 4-7)