In a wide shallow bowl, stir together sugar, cinnamon, nutmeg and milk. Remove crusts from bread and cut each slice into 3 or 4 strips. Working with 1 strip of bread at a time, turn strips quickly in butter, coating them on all sides, letting any excess drip off, then turn them quickly in cinnamon-sugar, coating them on all sides. Bake strips in lightly buttered jellyroll pan in upper third of a preheated 375 degree F oven for 10 minutes. Turn and bake 10 more minutes. Transfer with tongs to serving plate.