Preheat oven to 300 . Cream together butter and sugar. Add the eggs one at a time and beat until thick and fluffy. Alternately, add vanilla wafers an milk. Fold in coconut and nuts. Turn the batter into a greased and floured tube pan. Bake for 1 hour, 15 minutes. Cake will be moist but firm. Cool 10 minutes in pan then invert and cool on cake rack. Great as is or with Lemon Frosting.

Lemon Frosting

1 cup sifted confectioner's sugar

1 tbsp melted butter

2 tbsp lemon juice

Blend all ingredients well. Add 1 tsp of milk if needed for consistency. Ice top of cake and let it run down.