Combine raisins, brown sugar, water, lard, salt, cinnamon, and cloves in a 2-quart saucepan. Bring to a boil over medium heat; cook 5 minutes, stirring occasionally. Cool to room temperature.
Preheat oven to 350 degrees. Grease a 10-inch tube pan. Stir together flour and baking soda. Fold dry ingredients into cooled raisin mixture. Spoon into greased pan and bake 45 to 50 minutes or until a toothpick inserted in center comes out clean.
Cool 5 minutes in pan, then invert onto a wire rack to cool completely.