Mix the milk, sugar, salt and margarine in a bowl and cool to lukewarm.
Dissolve the yeast in warm water, then stir into milk mixture.
Add the cinnamon, nutmeg and flour and stir until well blended.
Cover and let rise in a warm place, free from draft, for about 1 hour or until doubled in bulk.
Stir down and beat vigorously for 30 seconds.
Turn into a greased 1 1/2-quart casserole.
Bake in a 375-degree oven for about 1 hour or until done.