Toss the candied orange peel, walnuts, and raisins with 2 tablespoons flour. Set aside.
In a large bowl, cream the butter with the sugar and honey. Beat in the egg, then the cream or milk, rum, and vanilla. Stir together the remaining 1 1/2 cups flour and the baking powder; beat into the creamed mixture. Stir in the fruits and nuts. Turn the batter into a greased and floured 9 x 5 inch loaf pan.
Bake in a preheated 350 degrees F (175 degrees C) oven for 10 minutes. Lower the heat to 325 degrees F (165 degrees C). Bake the cake 45 minutes longer, or until it tests done with a toothpick. Transfer to a rack to cool.