Thinly peel the oranges, using a vegetable peeler. Cut the orange rind into thin slivers. (Reserve the oranges for another use, or eat them and enjoy. ) Combine the orange rind and 1 cup of water in a 2 quart saucepan and bring to a boil, then reduce the heat, cover, and simmer for 15 minutes or until the rind is tender. Add the 1 cup of sugar and continue cooking, uncovered, until the mixture is syrupy, about 15 minutes. Cool to room temperature. Meanwhile, sift the flour, baking powder and salt together in a bowl and set aside. Cream the butter and 1/2 cup of sugar together until light and fluffy, using a electric mixer set on medium. Add the eggs and blend well. Blend in the cooled orange rind mixture. Add the dry ingredients alternately with the milk to the creamed mixture, beating well after each addition. Pour the batter into 2 greased 9 X 5 X 3-inch loaf pans. Bake in a preheated 350 degree F. oven for 50 minutes or until a cake tester or wooden pick inserted in the center comes out clean. Cool in the pans for 10 minutes before removing to wire racks to finish cooling. Wrap in aluminum foil and let stand overnight before slicing. This bread slices better when it has cooled for 24 hours.