Preheat oven to 325¼F.

In a saucepan, combine 1/2 cup of the rum with raisins and bring to a boil. Boil for 3 minutes until raisins are plump.

In a bowl, combine rum and raisin mixture, remaining 1/4 cup rum, sugar, cinnamon, nutmeg and butter.

Break up bread into small cubes and toss in rum and raisin mixture. Put into a buttered 8-inch X 12-inch baking dish or into 12 individual, buttered, 3-inch souffle« dishes.

Whisk together condensed milk, whole milk and eggs and pour over bread.

Bake in oven 1 hour and 15 minutes ( for large dish) or until golden and tester comes out clean. Cover loosely with foil if top becomes too brown. Serve warm, with a dollop of whipped cream, if desired.

NOTE: I used the whole egg bread loaf.