Grease a 9×5 inch loaf pan. In a large saucepan combine the cold water, sugar, carrots, raisins, cinnamon, nutmeg, cloves, and melted butter. Bring the mixture to a boil and boil for 5 minutes. Allow mixture to cool.

In a large bowl combine the flour, baking powder, baking soda, salt, and walnuts. Fold the dry ingredients into the carrot mixture and blend well. Pour the batter into the prepared pan. Bake in a 350 degree oven for 1 hour.