Preheat oven to 180 degrees C. Butter and flour two 23cm round cake tins.
Sift together the flour, baking powder, cinnamon, cloves and nutmeg.
In a large bowl, cream together the butter and sugar, add egg yolks and beat until smooth. Mix in flour mixture alternately with milk. Stir in coconut, pecans and raisins.
In a clean bowl, beat egg whites until stiff peaks form. Fold into batter and pour batter into prepared tins.
Bake for 25 minutes, or until done. Cool layers on wire racks.
In a medium saucepan, combine the sugar, water, flour, lemon and orange. Cook over medium heat until thickened. Stir in coconut and cook for 2 minutes. Allow to cool, and then ice cake. Alternate pecan halves and maraschino cherries halves around top of cake to decorate.