Preheat oven to 315°. Line deep 8-inch round cake pan (follow instructions for fruit cake). Cream softened butter and sugar in bowl until just combined. Add eggs, beating well after each addition.
Transfer to large bowl, and stir in fruit and nuts. Stir in half flours and milk, and stir. Stir in remaining flours, milk and sherry. Spoon into pan and tap to remove air bubbles. Smooth surface with wet fingers and decorate with nuts or cherries. Wrap outside of pan (see instructions for fruitcake). Place on layers of newspaper in oven and bake for 1 3/4 to 2 hours or until skewer comes out clean.
Remove from the oven, and wrap in a kitchen towel until cool. Remove pan?s
lining, and wrap cake in foil or store in an airtight container.