Cream the butter and sugar together until fluffy. Stir in the beaten eggs, then mix in the honey and blend. Sift the dry ingredients together, and add gradually, along with the orange rind and applesauce. Lastly stir in the walnuts, if used.
Bake in a well greased oblong pan (about 12" x 9" x 2") at 325° for 40 to 45 minutes. The sides should slightly come away from the pan. This is not a big, high cake.
Cool on a rack and cut into squares to serve. If desired, sweet butter may be served to spread on the cake.