Preheat the oven to 350°. In a blender, combine the eggs with the cream, milk and flour. Add 1/2 cup of the sugar; blend until smooth.
In a large heavy skillet, melt the butter over moderate heat. Add the peaches, sprinkle with the remaining 1/4 cup of sugar and cook, stirring occasionally, until tender, about 4 minutes.
Butter a 10-inch round glass pie plate and pour in one-quarter of the batter. Spoon the peaches with their liquid into the dish and pour the remaining batter on top. Set the pie plate on a baking sheet and bake for about 1 hour, or until golden and just set. Transfer to a rack and let cool to room temperature before serving.
The clafoutis can be refrigerated overnight. Gently rewarm in a 300° oven before serving.