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Preheat oven to 300 degrees F (150 degrees C). Lightly grease and flour a 10 inch Bundt pan.
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Cream shortening, butter and sugar until light and fluffy (for best results use an electric mixer). This will take a while. Add eggs one at a time, beating well after each addition. Beat in almond extract.
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Combine baking powder and flour. Stir into creamed mixture alternately with the milk, starting and ending with flour. Pour batter into prepared pan.
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Bake in the preheated oven for 1 to 1 1/2 hours, or until a toothpick inserted into the center of the cake comes out clean. Let cool in pan for 10 minutes, then turn out onto a wire rack and cool completely.