Pre-heat the oven to 150C/300F/ Gas 2. Lightly grease and line a 18cm deep round cake tin.
Pour the condensed milk into a pan and add the margarine, fruit and glace cherries. Place over a low heat until the condensed milk and margarine have melted. Stir well then simmer gently for 5 minutes. Remove from heat and leave to cool.
Measure the flour and spices into a large bowl and make a well in the centre. Add the eggs and the cooled fruit mixture and quickly mix together until well blended. Turn into the tin.
Bake for 1 ½ to 3 hours or until well risen, golden and firm.