Cream butter and shortening together. Gradually add sugar. Add eggs and beat well. Add extracts to milk in a measuring cup and mix together. Mix flour and baking powder together in seperate bowl. Add flour and milk mixture to creamed mixture alternately, ending with flour. Bake in a greased and floured 10 inch tube pan for 25 minutes at 275 degrees, then raise temperature to 350 degrees and bake for 35 minutes more. Let cool in pan, then remove from pan to serving platter and punch holes in cake with a toothpick. Add glaze (see below).