Put the flour, salt, nutmeg and sugar into the processor bowl and add the margarine.
Pour in the milk and mix to a soft dough .
Divide the dough into two pieces and roll out lightly to fit an 8-inch greased layer cake pan.
Put in one piece of dough and brush lightly with a little of the softened butter.
Put the other piece of dough on top.
Bake at 450°F for 12 minutes.
Turn on to a wire rack.
Carefully split the layers and put the bottom half on to a serving plate.
Spread each half with the softened butter.
Drain the peach halves and arrange two-thirds of them on the bottom layer.
Top with the second layer.
Whip the cream to soft peaks and spoon over the top of the shortcake.
Decorate with the remaining peach slices.
Serve freshly baked.