Combine flour, 2 tablespoons sugar, baking powder and salt. Cut in margarine with pastry blender until mixture is in coarse crumbs. Add milk and egg, stirring just to moisten. Set aside. For filling, combine remaining sugar and remaining ingredients in saucepan. Cook over medium heat, stirring constantly, until peaches are tender and syrup thickens, about 5 to 7 minutes. Pour into 9 inch square pan. Drop cobbler dough by spoonfuls onto hot fruit filling. Bake in 400 degree for 20 minutes or until golden. Serve warm.