Saute the onions in the margarine in a stockpot for 10 minutes. Stir in the flour. Add the broth gradually, stirring constantly. Add the undrained tomatoes, water, tomato juice, cream, oregano, basil and bay leaves and mix well.
Bring to a boil; reduce heat. Simmer for 1 hour, stirring occasionally. Discard the bay leaves. Ladle into soup bowls. You may process the canned tomatoes in a blender or food processor before adding to the soup mixture for a smoother consistency.