Preheat the over to 350 degrees F. Grease a loaf pan.
In a large mixing bowl, cream together shortening and sugar. Add vanilla extra and eggs. Beat until creamy and smooth.
In a separate bowl, mix flour, baking powder, baking soda, cinnamon, salt, and nutmeg. Remove liquid ingredients from mixer and stir in dry ingredients into the wet ingredients. Hand mix until blended.
Add walnuts and stir. Add the applesauce and stir well.
Spread batter into greased loaf pan and bake for 50 minutes. Insert a toothpick into the center to check for doneness at 50 minutes. If the toothpick comes out clean, the bread is done. If it is sticky, bake for another 5 minutes.
Remove bread from the oven and cool for 5 minutes. Use a butter knife insert around the rim to loosen the bread. Be careful -- it's hot. Invert and place onto a place or rack to finish cooling. Serve with honey, butter, or more fresh applesauce.