Cream butter; gradually add sugar, beating well. Add eggs, and beat well. Stir in milk, cinnamon, 1 1/2 teaspoons nutmeg, and vanilla, mixing well. Stir in pecans and bread cubes mixing just until moist. Spoon into a greased 8 inch square baking dish. Cover and bake at 350 degrees for 45 minutes; uncover and bake 10 minutes. Serve warm with Rum Sauce.