3/4 cup softened butter (1-1/2 sticks)
1/2 cup firmly packed brown sugar
1 large can (1 pound, 13 ounces) sliced peaches, drained, reserving 1/2 cup syrup
2 cups all-purpose flour
2-1/2 teaspoons baking powder
1/4 teaspoon salt
1 cup sugar
1/2 cup evaporated milk
Preheat oven to 350°F.
Coat the bottom and sides of a 10-inch round baking dish or cast iron skillet with 3 tablespoons of the butter. Sprinkle evenly with the brown sugar. Arrange the peach slices in a single layer, covering the bottom of the pan. If you're feeling artistic, arrange them in a nice pattern. Set aside.
Sift together the flour, baking powder and salt. Set aside.
With an electric mixer, cream the remaining butter with the sugar until light and fluffy. Add the eggs, one at a time, beating well after each addition. Add the milk and reserved 1/2 cup peach syrup. With mixer running at low speed, gradually add the flour mixture to the batter, combining well.
Pour the batter evenly over the peaches. Bake for 45 minutes, testing for doneness with a toothpick in center. Cool in pan on rack for 20 minutes (25 minutes if using a cast iron skillet). Loosen the edges with a thin knife, and invert on a serving plate.