Preheat oven to 350 F. Soak bread and squeeze dry. Tear bread into small pieces. Mix all other ingredients except butter. Melt butter and add to mixture. Pour into a well-greased pan and bake for 2 hours. After first hour of baking remove pan from oven and stir the mixture. Return to oven for additional hour.
To make rum sauce, mix all ingredients. Place in double boiler and cook slowly for one half hour. Beat on medium speed until fluffy. Serve over pudding.
Cajun Country -- New Iberia, Louisiana