In a bench mixer fitted with a paddle attachment, beat the butter for 1 minute. Add the molsses and beat for 1 minute longer, scrape the bowl down, and beat 1 more minute.
Place in airtight container and reserve for service.
Preheat oven to 425° F.
Grease 4 6-inch cast iron pans.
In a large bowl, combine corn meal, flour, sugar, baking powder and salt. Add milk, egg and oil. Beat until fairly smooth, about 1 minute. Pour batter into prepared pan and bake in preheated oven for 15 to 18 minutes, or until wooden pick inserted in center comes out clean.