Combine first 4 ingredients; cut in butter with a pastry blender until crumbly. Add whipping cream, stirring just until moistened.
Turn out onto a lightly floured surface; knead 5 or 6 times. Roll to 1/2-inch thickness; cut with a 2-inch round cutter, and place in lightly greased muffin pans or 2 inches apart on greased baking sheets.
Bake at 375° for 15 minutes or until golden brown. Serve with preserves and whipped cream.