Interesting, I've been playing with a Clarus MS-35 recently and that's exactly how the not-quite-a-hot-shoe on it works. The metal body of the shoe is half of the connection, and then there is a hole in the top cover where a single contact cable needs to be plugged to complete the circuit.
Presumably, for the cable you have to work, the body of the flash to be used would still need to contact the body of the camera and be connected to one side of the circuit. The adapter cable itself not capable of completing a full circuit with only a single contact on one side, but simply a means of connecting different socket types.