Place chicken and giblets in a 7- or 8-quart soup pot and add water to cover. Bring to a boil, cover partly, and simmer for 30 minutes, skimming off foam as it rises to the surface.

Heat butter in a saucepan and sauté chopped vegetables for 7 or 8 minutes or until they soften and begin to turn golden. Stir into soup with all melted butter. Add bay leaf, thyme, wine, parsley, peppercorns, and salt. Continue simmering, partly covered, until chicken is completely tender and begins to fall from the bone, about 2 hours.

Remove chicken and trim off all bones and skin. Cut the chicken meat from thighs and breasts into long strips and reserve. Save drumsticks and wings for snacks.

Strain soup into a clean 5-quart soup pot and discard all vegetables and giblets. Let cool, undisturbed, for 20 to 30 minutes, then skim off as much fat as possible. You should have 9 to 10 cups of soup. If there is more, boil rapidly, uncovered, until it is reduced.

The soup can be prepared up to this point and stored, covered, in the refrigerator for 1 day.

Using a fork, beat egg yolks and cream in a 1-quart bowl. Slowly spoon in 2 cups of the hot soup, beating constantly with a wire whisk or fork. Then pour egg mixture in a slow stream into barely simmering soup, beating constantly. Add reserved chicken and heat thoroughly but do not let soup boil. Season with lemon juice, additional salt, and ground white pepper.

Serve soup with strips of chicken in heated wide bowls and, if you like, 1 or 2 small boiled potatoes in each portion. Sprinkle with chopped parsley.

Variation

A leaner Chicken Waterzooi is prepared without the egg yolk and cream thickening. Season the finished and skimmed broth with lemon juice and sprinkle ¼ cup fresh bread crumbs on each portion, then top with parsley.