In a large bowl mix well flour, sugar, baking powder, salt, walnuts and cherries. In a small bowl beat egg, milk and oil with a fork until blended. Pour over flour mixture; stir just until all ingredients are moistened. Turn into greased 9x5x3-inch loaf pan. Bake in a 350 degree oven for 60 to 70 minutes or until pick inserted in center comes out clean. Cool in pan on rack 10 minutes. Turn out on rack; cool thoroughly.