Preheat oven to 375 F.
Combine 1/4 cup sugar, brown sugar, cornstarch and water in a saucepan. Blend well and cook over medium heat, stirring constantly until thick.
Add lemon juice and peaches into mixture. Stir and pour into a 9X13-inch baking dish.
For the topping, sift together flour, 1/2 cup sugar, baking powder and salt.
Add milk, butter and almond extract. Beat until smooth and spoon over fruit.
Mix 2 tablespoons sugar and 1/2 teaspoon nutmeg and sprinkle over the top.
Bake for 40 minutes. Enjoy with ice cream.