About 45 minutes before serving: Drain fruit cocktail; pat dry with paper towels. Preheat oven to 425°F. Grease 6-cup ring mold.
In medium bowl use a fork to mix flour, cornmeal, sugar, baking powder, and salt. Melt butter in small saucepan over low heat; with a fork, stir in milk and egg. Pour milk mixture and reserved fruit cocktail into flour mixture, stirring just until flour is moistened. Spoon batter into prepared ring mold.