From a magazine clipping.
2/3 cup Eagle Brand Sweetened Condensed Milk
2 cups hot water
3 eggs, slightly beaten
1/2 teaspoon vanilla
nutmeg
Combine sweetened condensed milk and water. Stir gradually into eggs. Stir in salt and vanilla. Pour into 1-quart greased casserole or 6 individual custard cups. Sprinkle top with nutmeg. Place in a shallow pan filled with hot water to a depth of 1 inch. Bake in a slow oven (325°F) 1 hour, or until a knife inserted in the middle comes out clean.