Preheat oven to 425 degrees F and grease a baking sheet.
Stir together the flour and the salt in a large bowl.
Cut in butter.
Make a well in the center of the flour mixture and pour in the milk and water. Stir until the dough comes together.
Turn the dough out onto a lightly floured surface and form into a round loaf 8 inches across. Place the loaf onto the prepared pan and using a sharp knife, cut a cross in the top.
Bake for 25 minutes in the preheated oven, then lower the temperature to 350 degrees F and continue to bake for an additional 5 to 10 minutes. The loaf should be golden brown and the bottom should sound hollow when tapped.