Preheat oven to 350 degrees F (175 degrees C). Place butter in a deep 2 quart baking dish and place in oven to melt.
In a medium bowl, mix sugar and flour. Stir in milk, a little at a time, until wholly incorporated. Pour carefully over melted butter in dish. Spoon peaches and syrup over batter.
Bake in preheated oven 35 to 45 minutes, until crust is puffed and golden.