Preheat oven to 350-degrees. Grease 11 x 7" glass baking dish. In medium saucepan, combine peaches, 1 cup sugar, water; bring to a boil, stirring frequently; keep the peach mixture hot. Meanwhile, beat egg, 1 cup sugar, and shortening until fluffy.
Add milk; stir in flour, baking powder, and salt.
Spread batter in prepared baking dish; pour hot peaches over all. Bake 25 to 30 minutes, or until tender. Serve warm, with cream, whip cream or Vanilla ice cream.
More Fruit Cobblers: For peaches, substitutre fresh or thawed frozen blueberries or strawberries, or fresh apples or blackberries. If the frozen fruit is packed in sugar syrup, omit first 1 cup sugar.