Cherry Pound Cake

1 cup (2 sticks) margarine
1/2 cup shortening
3 cups granulated sugar
6 large eggs
3 3/4 cups plain flour, sifted
1 teaspoon vanilla extract
3/4 cup milk (add maraschino cherry juice to
    make 1 cup liquid)
1 (10 ounce) bottle maraschino cherries,
    chopped and drained

Cream margarine, shortening and sugar until light. Add eggs, one at a time; beat well after each addition. Measure sifted flour and add to first mixture alternately with cherry milk mixture. Add vanilla. Stir in half of the cherries (reserve other half cherries for icing). Pour in greased tube pan. Bake at 300 degrees F for 1 1/2 hours or until cake tests done.

Frosting:
3 ounces cream cheese, softened
1/4 cup (1/2 stick) margarine
1 box confectioners' sugar
Remaining cherries from cake recipe
1/2 cup nuts, chopped
1/2 cup coconut
3/4 teaspoon vanilla extract

Cream together cream cheese and margarine. Add confectioners' sugar, cherries, nuts, coconut and vanilla extract. Add enough cherry juice to make a good spreading consistency. Spread on cooled cherry pound cake.