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1. Starting a day ahead, place the cod in a glass, enameled or stainless-steel pan or bowl, cover it with cold water, and soak for at least 12 hours, changing the water 3 or 4 times.
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2. Drain the cod, rinse under cold running water, place in a saucepan, and add enough fresh water to cover the fish by 1 inch. Bring to a boil over high heat. (Taste the water. If it seems excessively salty, drain, cover with fresh water, and bring to a boil again.)
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3. Reduce the heat to low and simmer with the saucepan uncovered for about 20minutes, or until the fish flakes apart easily when prodded gently with a fork. Drain thoroughly. With a small knife, remove and discard any skin and bones and separate the fish into coarse flakes. Set aside
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4. In a heavy 8- to 10-inch skillet, heat the annatto oil over moderate heat until a light haze forms above it. Add the onions and, stirring frequently, cook for 5 to 8 minutes, or until they are soft and transparent but not brown. Remove the pan from the heat.
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5. Sift the flour, baking powder and salt into a deep bowl. Make a well in the center of the flour and pour the egg, milk and butter into it.
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6. With a large spoon mix together only long enough to blend, then add the onions and their oil, the flaked cod and the chilies, and stir until the ingredients are well mixed and form a fairly smooth batter.
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7. Pour vegetable oil to a depth of about ½ inch into a heavy 10-to 12-inch skillet and heat until it is very hot but not smoking.
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8. Drop the batter a tablespoon or so at a time directly into the hot oil. Do not crowd the cakes; the batter will spread quickly into rounds about 1½ inch in diameter.
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9. Fry the cakes for about 3 to 4 minutes, turning them with a slotted spoon or spatula until they are golden brown on both sides. As they brown, transfer the cakes to paper towels to drain.
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10. "Stamp and Go" should be served hot or at room temperature either with drinks or as a first course accompanied by "floats".
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