Peach Velvet Upside-Down Cake

2 tablespoons margarine
1/4 cup light brown sugar, packed
1 (1 pound) can sliced peaches, drained
9 maraschino cherry halves
1 1/3 cups Bisquick
3/4 cup granulated sugar
3/4 cup milk
3 tablespoons margarine
1 egg
1 teaspoon vanilla extract

Preheat oven to 350 degrees F.

Melt 2 tablespoons margarine over low heat in 9-inch round layer pan. Sprinkle with brown sugar; arrange peach slices and cherries in pan. Set aside.

In mixer bowl mix Bisquick, sugar, 1/4 cup of the milk, 3 tablespoons margarine, egg and vanilla extract. Beat at medium speed 1 minute. Add remaining 1/2 cup milk; continue beating for 30 seconds. Pour batter over fruit.   Bake for 40 minutes or until done.

Invert at once over serving plate. (Allow pan to remain over cake so sugar will run down over cake.)

Serve warm, plain or with whipped cream.