Directions
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Preheat the oven to 375 degrees F (190 degrees C).
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Melt 1/4 cup butter in an 8-inch square pan. Sprinkle with brown sugar and nutmeg. Arrange peach halves, cut-side down, in the prepared pan.
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Cream 1/2 cup butter and 1/2 cup white sugar in a large bowl with an electric mixer until light and fluffy. Beat in egg. Stir flour, baking powder and salt together; add to butter mixture alternately with milk, beating well after each addition. Spread cake batter over peaches.
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Bake in the preheated oven until lightly browned on top, 35 to 40 minutes. Remove cake from oven, and let stand in pan for 5 minutes; invert onto serving platter.