Cook bacon in a soup kettle. Drain on a plate. Saute onion and carrots in drippings. Add 3 T flour and stir. Slowly add milk and water. Bring to a boil, cook and stir 2 minutes until thick. Add potatoes, corn, boullion and some pepper. Simmer uncovered for 20 minutes. Add cheese and ham. Heat. Stir in bacon. Serve with a crusty bread.

This came from a reader in Quick Cooking, Simple and Delicious, or Taste of Home. I just don't remember which! Delicious!!