Cut liver into desired thinkness. Soak liver in milk for a day in the refrigerator. Fry bacon and onions in the oil and set aside. Dredge liver through the flour,salt and pepper mix. Fry liver on a heavy skillet until slightly pink in the middle (medium). Remove liver and set aside. Mix cornflour and cold water and pour into skillet while off the heat and make gravy in the normal manner, adding basil plus thyme. Add liver, bacon and onions to the gravy and simmer for 15 minutes. Serve.