Preheat oven to 400 degrees.
In a saucepan, combine peaches and juice with 1 cup sugar. Place over medium heat and bring to a simmer. Keep hot.
Place butter into 9x13 inch baking dish and place in oven to melt, but do not let it brown. In a bowl, mix together self rising flour, sugar and milk. Pour this mixture into baking dish and spoon hot peach mixture over batter.
Bake for approximately 30 minutes in preheated oven. Serve hot of cold. Great when accompanied by vanilla ice cream. Makes 12-16 servings. Enjoy!