Peel the onions and finely chop them. Wash and clean the peppers and cut them into bite-sized chunks. Coarsely chop the canned tomatoes, reserving the juice.
Heat the oil in a Dutch oven. Then thoroughly brown the beef in two batches from all sides. Remove the meat. Stew the onions in the drippings till they are a golden yellow. Sprinkle with the paprika powder. Add the tomato paste and brown on medium heat. Add in the beef bouillon and bring to a boil. Put the meat back into the pot. Add salt and pepper to taste and simmer about 20 minutes, covered.
Add the canned tomatoes with their juice and the pepper chunks to the meat about 15 minutes before the end of the cooking time. Finally, stir the starch into the Bonny Full Cream Evaporated Milk and then stir into the goulash. Bring to a boil to thicken the sauce.