Cream together the egg, oil and sugar till smooth. Stir in the tomato soup, then the flour, baking soda, salt, cinnamon and cloves. Beat till smooth.
Stir in the raisins and nuts. Pour the batter into a lightly greased and floured 9-inch square cake pan. Bake the cake in a preheated 350°F oven for 40 minutes, or until it tests done. Remove the cake from the oven and cool completely before frosting.
Beat together icing ingredients until smooth; spread over cooled cake.