Place the chipped beef in a colander and pour boiling water over it. Pull beef apart with the fingers and let stand until ready to use.

Melt the butter and stir in the flour with a wire whisk. Add the milk, stirring rapidly with the whisk. When the mixture is thickened and smooth, cook, stirring, for 3 or 4 minutes. Add the cream and seasonings. Add the chipped beef and stir just enough to mix the meat with the sauce. Heat thoroughly and serve on toast points.