A recipe from the 1935 Recipes from Land O'Lakes cookbook. The company distributed this cookbook to show customers how to use their products in affordable meals.
Add grated cheese over medium-low heat until cheese is melted.
Add salt, paprika, pepper, and mustard. Stir together well.
Serve hot over toast or crackers. Garnish top with sliced olives.
Notes
I added more mustard and paprika to get more flavor in this dish, it's pretty bland otherwise. If I made it again I would omit salt, the cheese and olives were plenty salty so adding salt makes it too salty for my taste.