Preheat oven to 325°F. Mix flour, baking powder, salt and nutmeg in medium bowl. Set aside.
Beat butter and sugar in large bowl with electric mixer on medium speed 5 minutes or until light and fluffy. Beat in eggs, 1 at a time. Gradually beat in 1/2 of flour mixture. Mix in vanilla and remaining flour mixture. Pour batter into greased and floured 9x5x3-inch loaf pan.
Bake 60 to 65 minutes or until toothpick inserted in center comes out clean. Cool on wire rack.