Preheat oven to 300°. Toast the chopped walnuts in a baking pan in the oven for 15 minutes. Remove from the oven and set aside.
Raise the oven temperature to 350°. Sift the flour, baking powder, baking soda, and salt together into a bowl. In a second bowl, combine the cherries and the nuts.
In the bowl of an electric mixer, cream the butter until it is light and fluffy; add the sugar and honey gradually, beating the mixture until it is very light. Add the eggs, one at a time. With mixer at lowest speed, add the flour mixture (reserving 1/4 cup), alternating it with the orange juice.
Toss the cherry-nut mixture with the reserved 1/4 cup of flour, and fold it into the batter. Turn the batter into a buttered and floured loaf pan, approximately 9 x 5 x 3 inches. Bake the bread in the center of the oven for 1 hour.
Cool the loaf for 15 minutes in the pan; unmold the bread on a rack to cool completely. Wrap it in plastic wrap and keep it a day before serving. Serving Size: 8