Preheat oven to 180ºC . In a large bowl, cream butter and sugar until light and fluffy. Add eggs, one at a time, beating well after each addition. Combine flour, baking powder, salt, cinnamon and nutmeg; set aside. Combine applesauce and molasses. Add dry ingredients alternately with applesauce mixture to egg mixture. Fold in raisins and nuts. Pour into a greased 23 cm x 13 cm x 7 cm loaf pan. Bake at 180ºC . for 1 hour, or until a toothpick inserted into the center comes out clean. Cool 10 minutes, remove from pan and continue cooling on a wire rack.