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Preheat oven to 325 F (165 C).
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Line a 6" x 3" aluminum foil loaf pan with wax paper, by taking a length of wax paper, folding it over lengthwise to fit in the pan, to ease removal of the cake.
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Then grease the pan and paper with butter.
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Beat butter in a small bowl until soft and light.
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Gradually add sugar, beating until light and fluffy.
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Beat egg in another small bowl.
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Gradually add to the butter-flour mixture, beating until fluffy.
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Stir in vanilla.
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Stir in flour and baking powder, beat until fluffy.
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spoon batter into prepared pan.
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Bake about 55 minutes, until edges separate from the pan.
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Cool in the pan about 15 minutes.
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Loosen sides and remove by lifting ends of the wax paper.
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Cool on a wire rack.