Preheat oven to 350°F. Grease a 9-inch heavy iron frying pan.

In large mixing bowl, blend butter and sugar together with a wooden spoon.

In separate bowl, combine milk, soda, caraway seeds, and raisins, then stir into sugar mixture.

In separate bowl, sift flour, baking powder, and salt, and gradually add to sugar-milk mixture, beating with a wooden spoon, until a wet dough forms.

Turn into prepared pan and bake for 1 hour, or until a cake tester comes out clean.

Turn out of pan and cool about 30 minutes before cutting. Slice and serve with butter.