Preheat oven to 350℉ (180℃). Lightly grease and flour 9″ x 5″ loaf pan.
In a large bowl, combine ⅓ cup sugar, cinnamon and nutmeg; flour, baking powder, salt and 1 cup white sugar.
In another bowl, combine the egg, milk, oil and vanilla extract. Add this to the flour mixture. Stir until just moistened.
Pour the batter into the prepared pan.
Bake for 45 to 55 minutes, until a toothpick tests clean. Let cool in pan for 10 minute. Run thin knife around edges of pan and remove loaf to a wire rack to cool completely.
Once the bread is completely cooled, wrap it in foil and let sit overnight, or at least 4 hours before slicing and serving. (This step is essential. If the bread is sliced immediately after cooling or while it is still warm, it may be dry or break.)