Place raisins and currants in a bowl and add enough water to just cover them. Soak overnight.
Chop lemon peel and mixed peel quite finely; do the same with the angelica if using and both types of cherries. Pour 1/2 cup brandy over fruit and allow to stand overnight.
Sift together flour and nutmeg.
Beat egg yolks until thick and light then beat in 1 cup of sugar a little at a time. Stir in lemon juice. Beat egg whites until stiff peaks form.
In a large bowl cream the butter and then add 1 cup sugar a little at a time; beat until smooth. Combine yolk mixture with creamed mixture. Add flour and 1/3 cup sherry alternately to the creamed mixture. Stir in all the fruit and fold in stiffly beaten egg whites. Pour batter into a well greased and floured ring tin. This cake can also be made in 2 large loaf tins.
Place a pan of hot water in the bottom of a preheated 180 degrees C oven. Place cake tin in oven and bake about 20 minutes. Reduce heat to 170 degrees C; continue baking 100 minutes for large cake or 40 minutes for loaf cakes. Cakes are done when a toothpick comes out dry. Turn cake(s) out on rack to cool.
Wrap cake(s) in cheesecloth soaked in sherry and store in airtight container for a month or more. If the cheesecloth dries out in the mellowing period soak it again with the same spirits and rewrap the cake.