1. Heat cream in a small saucepan until hot.
2. Heat butter in a 12-inch heavy skillet over moderately high heat until foam subsides, then saute morels, stirring frequently, until golden, 6 to 8 minutes. Sprinkle in flour and cook, stirring, 1 minute. Stir in hot cream and reduce heat to low. Gently simmer, covered, stirring once, until morels are tender, 10 to 15 minutes. Season with salt and white pepper.
3. Arrange 5 toasts on each of 4 plates and spoon morels and sauce on top. Serve immediately.

Yield: 4 servings