Combine raisins, sugar, cold water, lard, and salt in a pot.

Bring the mixture to a boil.

Boil for 5 minutes, stirring occasionally.

Remove from heat and let the mixture cool completely.

Preheat oven to 350°F (175°C).

In a separate bowl, combine flour, cinnamon, baking powder, nutmeg, and cloves.

Dissolve soda in a small amount of hot water.

Add the dry ingredients to the cooled raisin mixture.

Mix well to combine.

Add the dissolved soda to the batter.

Mix until just combined.

Pour batter into a greased and floured cake pan.

Bake for 1 hour, or until a toothpick inserted into the center comes out clean.

Let the cake cool in the pan for 10 minutes before transferring to a wire rack to cool completely.