In a large bowl, cream butter and sugar. Add the egg and applesauce; mix well. Combine the flour, baking soda, cinnamon, baking powder, salt, nutmeg and cloves. Stir into creamed mixture just until moistened. Fold in raisins and nuts.
Pour into a greased 8x4-in. loaf pan. Bake at 350° for 60-65 minutes or until a toothpick inserted in the center comes out clean. Cool for 10 minutes before removing from pan to a wire rack to cool completely.