Preheat oven to 350 degrees with rack in center. Prepare a loaf pan or small Bundt pan by spraying generously with cooking spray, or coating with shortening then dusting with flour.
In the bowl of an electric mixer, cream the shortening and sugar until very fluffy, 3-5 minutes. Add eggs one at a time. Scrape down the bowl and make sure they are well blended.
In a separate bowl, combine the flour, baking powder, and salt. Add to the shortening mixture in thirds, alternating with the milk.
Pour into prepared pan ands bake in preheated oven for 45 minutes, until cake tester comes out completely clean. Place on wire rack, in pan.
Immediately combine glaze ingredients. The glaze should be a translucent white, as pictured below. If it is too thick, add a little water. If it’s too clear, add more powdered sugar a bit at a time. Pour half of the glaze over the warm cake and allow it to soak in.
Let the cake cool and absorb the glaze for about 20 minutes. Then carefully remove it from the pan and pour the rest of the glaze on top. It will sink in but leave a sugary coating as well.