Place raisins and hot water in a small bowl; set aside. , In a large bowl, cream shortening and sugar until light and fluffy. Beat in egg. Combine the flour, baking soda, salt and spices; add to creamed mixture alternately with applesauce and water. Drain raisins; fold into batter with the walnuts. , Transfer to a greased 13x9-in. baking pan. Bake at 300° for 40 minutes or until a toothpick inserted in the center comes out clean. Place pan on a wire rack. Dust with confectioners' sugar if desired. Serve warm or cold.