Cream 1/3 cup butter or margarine and brown sugar together in a small bowl. In large bowl, whisk together flour, white sugar, baking powder, and salt. Cut in 1/4 cup butter or margarine until crumbly. Make a well in center, and pour in milk.
Stir to make a soft dough. Knead dough 8 to 10 times. Pat or roll out on a lightly floured surface to a 9 or 10 inch square. Spread with brown sugar mixture. Sprinkle with nuts. Roll up as for jelly roll, and pinch edge to seal. Cut into 12 slices.
Place into a greased 8 inch square pan. Bake at 425 degrees F (220 degrees C) for 15 to 20 minutes. Invert over tray while hot, and serve.