Preheat oven to 400°. Pour butter into a shallow 2-qt. baking dish; set aside. Drain peaches, reserving 1/4 cup juice. In a saucepan, bring peaches and reserved 1/4 cup juice just to a boil. Meanwhile, in a bowl, combine 1 cup sugar, flour, baking powder and salt. Stir in milk; mix well. Pour over butter in baking dish. Spoon hot peaches over batter. Sprinkle with remaining 1/4 cup sugar. Bake until bubbly and golden, 20-25 minutes. Serve warm and if desired, with whipped cream.