I remember being given this book as a child (about 1987) but I didn't remember the story on rereading today. I read another book in this series, Helping Hand, with my son last month and we really enjoyed it. I believe this book may have been the first in the series. It seemed slightly more expositional than the other (e.g. we find out the origins of Willowbank Glade).
Whereas Helping Hand had a strong message about society and helping others in terms of groups of people, Danger in the Meadow was more about friendship and personal courage. Sundown Squirrel makes a new friend, Bright Shell the bluebird who is learning to fly, and when she is captured by Sharp Fang the ferret he overcomes his own fear and uses his wits to rescue her (with the help of his good friend Rainbow Rabbit). A cute story. This was my son's favourite. He really liked watching the ferret fall into the river!