Best Peach Cobbler Ever

2 tablespoons butter or margarine, melted
1 (2 pound) can sliced peaches with juice
pinch ground cinnamon
pinch ground nutmeg
1 tablespoon cornstarch
1/2 cup water
1 cup milk
1 cup white sugar
1 cup all-purpose flour
2 teaspoons baking powder
1 pinch salt
1/2 cup butter or margarine
                   
1. Combine 2 tablespoons melted butter spices, and sliced
   peaches with juice. Stir cornstarch and water together;
   mix into peach mixture. 
2. In another bowl, mix together milk, sugar, flour, baking
   powder, and salt; mixture will be thin. 
3. Melt 1/2 cup butter in 13 x 9 inch pan. Pour batter over
   melted butter. Spoon peaches over batter about 1" down.
   Sprinkle with additional cinnamon and nutmeg. 
4. Bake at 350 degrees F for 1 hour, or until knife inserted
   comes out clean.