In a large bowl, cream shortening, 1 cup sugar, and eggs together until light and fluffy. Add milk alternately with flour mixture in two parts; mix well. Stir in grated lemon rind and nuts. Pour batter into greased and floured 9 x 5 inch loaf pan.
Bake at 350 degrees F (175 degrees C) for 60 minutes. Allow bread to cool in the pan for 5 minutes.
Mix together 1/2 cup sugar and the juice of one lemon to make a glaze. Remove bread from pan. Pour glaze over warm bread.