In a heavy saucepan or casserole just large enough to hold the veal snugly, melt the butter in the oil over high heat. When the foam subsides, add the veal and brown it well on all sides. Season the veal all over with salt and pepper, add the cream and bring to a simmer. Reduce the heat to low, cover and simmer gently for about 1 1/2 hours, or until very tender. Turn the veal a few times as it cooks and add 2 to 3 tablespoons of water to the pan if the cooking juices evaporate.