1. Preheat oven to 375 degrees F (190 degrees C). Lightly butter a 9x9 inch glass baking pan.
2. In a large bowl, cream the butter and 1/2 cup sugar.
3. In a separate bowl, mix flour, salt and baking powder. Add to the creamed mixture alternately with the milk.
4. Spread mixture evenly into baking dish .
5. If using canned peaches, drain thoroughly, reserving the juice. Spoon fruit over batter.
6. Sprinkle with cinnamon and 1/4 cup sugar. Pour fruit juice or water over the top.
7. Bake at 375 degrees F (190 degrees C) for 45 to 55 minutes. During baking the fruit and juice go to the bottom and the batter rises.