Perhaps it is the word "multiply" that is bothering you. What we are really doing is "combining" the permutations, not "multiplying" in the arithmetic sense.
4567 x (45)(67) means "first apply the (45)(67) permutation, then the 4567 permutation".
(45)(67) means that we swap 4 and 5 and swap 6 and 7 while leaving all other number the same- 1234567 is mapped to 1235476.
4567 means 4 is changed to 5, 5 to 6, 6 to 7, and 7 to 4- 1234567 is mapped to 1235674
Putting those together, (45)(67) maps 4 to 5 and then 4567 changes that 5 to 6: 4 is mapped to 6. (45)(67) maps 5 to 4 and then 4567 changes that 4 to 5: 5 is mapped to 5. (45)(67) maps 6 to 7 and then 4567 changes that 7 to 4: 6 is mapped to 4. (45)(67) maps 7 to 6 and then 4567 changes that 6 to 7: 7 is mapped to 7. In other words, all number except 4 and 6 remain the same and they are swapped:
(4567) (45)(67)= (46).
DrDu is using a different convention going from left to right rather than right to left.
If we apply (4567) first, then (45)(67)
1) 4 is changed to 5 then back to 4: 4->4
2) 5 is changed to 6 then to 7: 5-> 7
3) 6 is changed to 7, then back to 6: 6->6
4) 7 is changed to 4, then to 5: 5-> 7
(4567) (45)(67)= (47).
I guess the real question is, when you say "4567 x (45)(67) gives 5476", how are you getting that?