If using fresh corn, use a sharp knife to cut off the kernel tips from the ears of corn, then, scrape the cobs with the dull edge of the knife. (You should have 2 cups of corn.)
In a large saucepan combine fresh or frozen corn, potato, onion, water, bouillon granules, and pepper. Bring to a boil; reduce heat. Cover, and simmer, about 10 minutes, or until corn and potatoes are just tender, stirring occasionally. Stir in the 1 1/2 cups of milk.
In a small mixing bowl, stir together, the dry milk powder and flour. Gradually, stir in the remaining 1/4 cup milk, until smooth. Stir the milk-flour mixture into the corn mixture. Cook, and stir, until mixture is thickened and bubbly. Cook, and stir, for 1 minute more. Ladle into soup bowls. Sprinkle with bacon pieces. Makes 4 servings.