Preheat oven to 350 degrees F (175 degrees C). Lightly grease two 9x5 inch loaf pans.
Beat together eggs, oil, rum, and milk in a bowl. Sift together flour, sugar, baking powder, baking soda, nutmeg, and salt in a separate bowl. Mix the flour into the eggs until just moistened. Gently fold in the pineapple, cherries, and coconut. Pour into prepared pans.
Bake in preheated oven until a toothpick inserted into the center comes out clean, about 40 to 45 minutes. Let cool in pan for 10 minutes before removing to cool on a wire rack.