Heat the butter and oil in a kettle and saute the carrots and green bell peppers for 5 minutes. Sprinkle the flour and powdered milk over, and gradually add the stock. Make sure that the consistency is smooth, at which time add the sherry, cheese, milk, paprika, parsley, and salt and pepper. Cook, stirring, for 3 minutes.
Recipe courtesy of Brother Rick Curry, "The Secrets of Jesuit Soupmaking", Penguin Compass, 2002