1. Beat butter or margarine and hom ey until creamy in large bowl with electric mixer at high speed; add egg.
2. Sift flour, baking powder, baking soda and salt onto wax paper. Stir into honey mixture alternately with milk. Add pecans. Turn into a greased 9x5x3 inch loaf pan.
3. Bake in moderate oven (325°) 1 hour, 10 minutes, or until center springs back when lightly pressed with fingertip. Cool in pan on wire rack 5 minutes. Loosen cake around edges with a sharp knife. Turn out of pan. Cool completely.