Preheat oven to 325°F. Lightly coat two loaf pans with non-stick cooking spray and line with parchment paper. Set aside.
In a medium saucepan, combine 1/4 cup white sugar, apricots, raisins, and water. Bring to a simmer and cook for 30 minutes, stirring occasionally. Remove from heat and let cool.
In a separate bowl, cream together the butter, cream cheese, vanilla extract, and the remaining 1 cup sugar until light and fluffy.
Add eggs one at a time, mixing well after each addition.
Stir in the cooled apricot and raisin mixture, including the liquid. Mix until well combined.
Gradually add flour and baking powder, mixing until just combined.
Gently fold in glace cherries, mixed peel, and chopped walnuts.
Divide the batter between the prepared loaf pans, ensuring each pan is filled no more than 3/4 full. Tap the pans gently on the counter to settle the batter.
Bake for 55 minutes. Test for doneness by inserting a toothpick into the center of each loaf. If it comes out clean, the cakes are done. If not, bake for an additional 5 minutes and retest.
Once baked, remove from oven and allow the cakes to rest in the pans for 10 minutes before transferring to a wire rack to cool completely before slicing.