Cream butter and sugar. Stir in vanilla and lemon flavouring. Mix in eggs one at a time with a little flour. When eggs are all used, mix in remaining flour. In a separate bowl, combine milk with raisins, peel and baking powder. Add to egg mixture. Mix in cherries. (For best results, after the butter and sugar is creamed, the rest of the ingredients should be combined with hands, not mixer.) Pour batter into a greased and floured tube pan. Bake 2 hours at 325°F.