Preheat oven to 350 degrees. Butter a 9-by-5-inch loaf pan.
In a medium bowl, lightly beat together the milk, eggs, and vanilla.
In a large bowl, whisk together the flour, sugar, baking powder, salt, and nutmeg. Add the butter and half the egg mixture and beat with electric mixer on low speed until combined. Increase speed to high and beat one more minute. Scrape the sides of the bowl.
Add half the remaining egg mixture and beat on high speed until thoroughly incorporated, about 20 seconds. Scrape the sides of the bowl and repeat with the last of the egg mixture.
Pour the batter into the prepared loaf pan and smooth the top. Gently tap the pan on the counter. Bake for 45 to 60 minutes, until a toothpick or cake tester inserted in center comes out clean. Remove to a cooling rack for 5 minutes. Then invert the cake onto the rack, remove the pan, and turn the cake right side up on the rack to cool completely before slicing.
Can be stored at room temperature loosely covered for a day.