Cream together margarine, eggs, sugar and vanilla. Sift together flour, bicarb soda and baking powder. Stir into egg mixture.
Grease a small baking tray with margarine. Pour 1/2 of the dough into pan and spread.
Pour peach jam over the dough and gently spread. Drop rest of dough over jam layer. Place in oven. When mixture starts to melt and gets soft, spread the top out. Bake for 40 minutes. Cool and then cut into 24 biscuits.