Sift the dry ingredients. Add melted shortening and beaten egg to the milk, and add to the dry ingredients. Mix well; add flavoring and grated coconut. Bake in a greased loaf pan in a moderate oven 35-45 minutes. This is nicest baked in a round loaf pan. Before serving, sprinkle with a little powdered sugar, or ice with a white icing sprinkled with grated coconut.