Nana's Frosted Butterscotch Squares

Grease and paper line a square cake pan. Melt butter and then stir in sugar until melted. Cool. Stir in beaten egg and mix well. Sift dry ingredients together. Add to sugar mixture.and mix. Add vanilla and nuts to batter. Pour into prepared pan and bake in a preheated 325 degree oven for 35 minutes. Cool in pan and cut in squares. Meanwhile make frosting. Melt the tablespoon of butter and add confectioners sugar. Add enough cream so that the frosting can be spread. Add vanilla to taste.