Beat butter and sugar in a large bowl at medium speed with an electric mixer until fluffy. Add egg, honey, and molasses, beating until blended. Combine flour and next 5 ingredients; add to butter mixture alternately with water, beginning and ending with flour mixture. Pour batter into a lightly greased and floured 9" square pan.
Bake at 350° for 30 minutes or until a wooden pick inserted in center comes out clean. Cool completely in pan on a wire rack. Cut into 20 rectangles.