Wrap each oyster with half a slice of bacon; secure with a wooden pick.
Combine milk and egg; beat well. Combine flour, baking powder, and salt; stir well. Dip prepared oysters in egg mixture; dredge in flour mixture. Repeat dipping and dredging procedure with each oyster-bacon roll.
Fry in deep hot oil (375°) until oysters float to the top and are golden brown. Drain on paper towels. Serve immediately.