John Bloom
I get that sinking feeling when I see self-help books like Anthony Sampson's Anatomy of Britain. When they have titles like How 1 made 2,000,000 Dollars on the Stock Market I get a sense of utter failure and self- reproach.
In spite of this, will you let me persuade You to glance at John Bloom's book pub- lished by W. H. Allen at 45 shillings and called It's No Sin To Make a Profit as it is a good read?
Do you remember the time when adver- tising in the daily papers was darkened with the reverse blocks of John Bloom's advertisements for his wash tubs and the news columns with pictures of his odious Bisto Kid who got too much of the gravy face?
It seems from his story that behind the tinsel was a sad little figure borrowing money from men who normally expected more than principal and interest. There are hints of insider dealings, short selling and bear raids through unnamed people who had a myster- iously close knowledge of the condition of his companies.
John Bloom at the time and even now with the benefit of hindsight overlooks the im- portance of carrying his own hire purchase which he allowed to be put through Sir Isaac Woolfson's General Guarantee Corporation. He should have borrowed from them or any- one else at fixed interest, but it was vital if he wanted to generate cash in addition to making a profit, to carry his own HP agree- ments for washing machines since it is un- necessary for the profit on the sale of an article to reach the profit and loss account until the last instalment is paid—sometimes as much as three years later.
Bloom's failure eventually was inevitable sincc.direct selling is incorrigible in the fall- ing ratio of orders to inquiries to advertis- ing—if the history of Vactric, Flatley, and Headquarters and General Supply is a guide.
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