Whisk together milk and flour, then whisk in spices and vanilla.
Heat a T of margarine over medium heat. When the pan is very hot but not smoking, coat both sides of a piece of bread in the batter and place in pan. Repeat with a few more slices until you have a single layer of bread in the pan.
Fry for 3-5 minutes, until golden brown. Flip and fry the other side. Transfer to a plate and add more oil as needed, then repeat until you use up all the bread.
Serve hot with maple syrup, berry sauce, jam, or fresh fruit.