Cook and stir drained mushrooms, peppers in butter or margarine over medium heat for 5 minutes. Remove from heat.
Blend in flour, salt and pepper. Cook over medium heat, stirring constantly, until mixture is bubbling. Remove from heat
Stir in bullion, milk, water and reserved mushroom liquid and chicken broth fro roasting chicken. (I heat this before hand, saves some stirring) Heat to boil stirring constantly. After mixture comes to boil continue cooking for 1 minute.