In a large bowl, cream the eggs and sugar. Add the butter, milk and vanilla and beat for 5 minutes. Mix the flour, baking powder and peaches and add this to the egg mixture. Beat mixture together for 2 to 3 minutes.
Grease and flour a tube or bundt pan and pour the mixture evenly in and around the pan. Bake for 45 to 1 hour or until golden brown. Allow to cool before serving.