Peel, core and slice apples. Arrange apples slices over the sugar mixture. Sprinkle nuts over all. Place pan on the bottom shelf of oven and let apples cook while mixing the other ingredients. Cream together butter and sugar, add egg and molasses and mix well. Sift dry ingredients and stir in to creamed mixture. Put in hot water and mix to a thin batter.
Remove pan from oven and pour batter over apples. Return to oven and bake for 35 minutes. Remove from oven and loosen cake around edges.
Let stand five minutes and turn out on to serving tray.
Makes 8 to 10 servings.