Beat eggs until creamy. Add sugar gradually and continue beating until thick. Melt butter with milk. Lower speed and while beating add flour, previously sifted with baking powder and salt, alternating with warm milk. Combine.
Pour mixture into a grease, round shallow pan. Bake in preheated oven 350°F (180°C) for 45 minutes. Remove from oven.
While cake is baking, beat butter with sugar until creamy. Add milk, nuts and raisins.
Cover cake with this mixture as soon as cake is removed from oven.
Return to oven until sugar caramelizes and topping turns golden.