diff --git a/ChangeLog b/ChangeLog
index 3a4b57a1..326e89d3 100644
--- a/ChangeLog
+++ b/ChangeLog
@@ -1,3 +1,6 @@
+19/1/14 started 7.38.1
+- bump soname, thanks benjamin
+
 18/1/14 started 7.38.0
 - version bump
 
diff --git a/configure.ac b/configure.ac
index c9d6cf30..e314ed56 100644
--- a/configure.ac
+++ b/configure.ac
@@ -2,7 +2,7 @@
 
 # also update the version number in the m4 macros below
 
-AC_INIT([vips], [7.38.0], [vipsip@jiscmail.ac.uk])
+AC_INIT([vips], [7.38.1], [vipsip@jiscmail.ac.uk])
 # required for gobject-introspection
 AC_PREREQ(2.62)
 
@@ -17,7 +17,7 @@ AC_CONFIG_MACRO_DIR([m4])
 # user-visible library versioning
 m4_define([vips_major_version], [7])
 m4_define([vips_minor_version], [38])
-m4_define([vips_micro_version], [0])
+m4_define([vips_micro_version], [1])
 m4_define([vips_version],
           [vips_major_version.vips_minor_version.vips_micro_version])
 
@@ -36,9 +36,9 @@ VIPS_VERSION_STRING=$VIPS_VERSION-`date`
 #   binary interface changes backwards compatible?: increment age
 #   binary interface changes not backwards compatible?: reset age to 0
 
-LIBRARY_CURRENT=36
-LIBRARY_REVISION=1
-LIBRARY_AGE=1
+LIBRARY_CURRENT=37
+LIBRARY_REVISION=0
+LIBRARY_AGE=0
 
 # patched into include/vips/version.h
 AC_SUBST(VIPS_VERSION)