In a large bowl, combine the flour, baking soda and baking powder. Combine molasses and water; stir into dry ingredients. Fold in cranberries. Pour into a well-greased 4-cup pudding mold; cover.
Place mold on a rack in a deep stockpot; add 1 in. of hot water to pan. Bring to a gentle boil; cover and steam for 1 hour or until a toothpick inserted near the center comes out clean, adding water to pan as needed. Let stand for 5 minutes before removing from mold.
In a small saucepan, melt butter; stir in sugar and cream. Cook and stir over medium heat for 3-5 minutes or until heated through. Unmold pudding onto a serving plate; cut into wedges. Serve warm with sauce. Yield: 8-10 servings.