For syrup, in a medium saucepan combine the 1-1/2 cups water, 3/4 cup sugar, cinnamon, and nutmeg. Bring to boiling. Reduce heat and simmer for 5 minutes. Remove from heat; stir in the 2 tablespoons margarine or butter.
For pastry, in a medium mixing bowl stir together the flour and salt. Using a pastry blender, cut in the 1/3 cup margarine or butter and the shortening until pieces are the size of small peas. Sprinkle 1 tablespoon of the 6 to 7 tablespoons cold water over part of the flour mixture; gently toss with a fork. Push moistened dough to the side of the bowl. Repeat until all dough is moistened. Form dough into a ball.
On a lightly floured surface, flatten dough with your hands. Roll dough into a 14-inch square. Cut pastry into four 7-inch squares. Place one peach half, cut side up, on center of each pastry square. Combine raisins and nuts; spoon mixture into centers of fruit. Place remaining fruit halves, cut side down, on top of filled fruit.
Moisten edges of pastry with water. Fold corners to the center on top of the fruit, pinching edges together to seal. Place dumplings in an 8x8x2-inch baking dish. Pour syrup over dumplings.
Bake in a 375 degree F oven about 45 minutes or until golden. Serve warm with Brandy Sauce.
In a small saucepan cook and stir beaten egg, whipping cream, and the 1/4 cup sugar over medium heat until thickened and just bubbly. Remove from heat; stir in brandy. Serve warm over warm dumplings. Makes 4 servings.