Volana's Peach Cobbler

Ingredients

• 1 cup cold water
• 1 tablespoon cornstarch
• 12 cup packed light brown sugar
• 14 teaspoon ground nutmeg
• 4 medium peaches, peeled and thickly sliced
• 1 tablespoon lemon juice
• 1 tablespoon butter or 1 tablespoon margarine
• 1 cup flour
• 2 tablespoons granulated sugar
• 1 12 teaspoons baking powder
• 14 teaspoon salt
• 14 cup butter or 14 cup margarine, cut in pieces
• 14 cup milk
• 1 large egg