Place rack in center of oven and preheat oven to 450 degrees F. Lightly grease an 8x8 inch pan and set aside.

In the bowl of a food processor fitted with a steel blade or a large mixing bowl, sift flour with sugar, baking powder, salt, and nutmeg. Add butter and lightly pulse (or cut in butter by hand), until the butter is the size of small peas (you should still be able to see the pieces of butter.) Add well-beaten egg and milk, just until incorporated.

Quickly press the batter into the prepared pan, touching it as little as possible with your fingers to keep the butter cold. Bake for 15-20 minutes, until the top is lightly golden. Cut into squares.

To quickly peel peaches: Cut a small “X” on the bottom of each. Slip into a large pot of boiling water. Boil for about 30 seconds, then remove with a slotted spoon and submerge immediately in a bowl of ice water to stop the cooking. Slip off the skins with your fingers, then slice peaches.

In a small bowl, combine the slices peaches and 2 teaspoons granulated sugar. Set aside. In a separate small bowl, combine the melted butter and rum.

To serve: While still warm, split each shortcake square in half horizontally. Brush the cut sides generously with rum butter. Place 1 buttered later on the plate, cover with peaches and whipped cream, top with the second shortcake layer, then cover with additional fruit and whipped cream.