Preheat oven to 350 degrees. In a large bowl, cream butter or margarine 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 and set aside Combine applesauce and molasses and then add dry ingredients alternately with applesauce mixture to egg mixture. Fold in raisins and nuts and pour into a greased 9 x 5 inch loaf pan. Bake for 1 hour, or until a toothpick inserted into the center comes out clean and cool 10 minutes. Remove from pan and continue cooling on a wire rack