Grease and flour a 15x10x1-inch jellyroll pan. Stir together the flour, dry milk, baking powder, baking soda, salt, cinnamon and nutmeg.

In a large mixing bowl, cream margarine and sugar. Add corn syrup, water and egg. Gradually and thoroughly beat in flour mixture. Stir in the raisins. Pour into prepared pan, spreading to edges.

Bake in a preheated 375 degree oven until edges are brown, about 25 minutes. Cool in pan on rack. Cut into 3 by 2-inch bars. Store in a tightly covered tin can.