Preheat oven to 350 degrees F (175 degrees C) grease and flour an 8x4 inch loaf pan.
In a large bowl, mix flour, baking powder, sugar and salt. Cut in butter. Break 1 egg into a measuring cup and then fill to the 1 cup line with milk. Add to dry ingredients and beat well. Add vanilla and lemon flavoring.
Pour batter into an 8x4 inch loaf pan. Bake at 350 degrees F (175 degrees C) for 30 minutes or until a toothpick inserted into the center of cake comes out clean.